Posted on: 19th Jan, 2009 12:53 pm
I just had my credit pulled as the process for pre-qualify on a home loan and it was a 602, right away I was discouraged of course. Are there many lenders that will pre-qualify/pre-approve someone with a credit score of 602 for a home loan and if so, please send me any referrals you may have, thanks in advance.
Marsha
I think if you check with most of us here, we all probably work with at least one bank that will be able to fund your loan with that score providing the other factors are in line. Other factors are income, down payment, other debt, etc. There is a chance that you will not qualify for the loan regardless of your score. Just check with anyone of us here. Read through the posts and you will get a few names of some quality people.
I think if you check with most of us here, we all probably work with at least one bank that will be able to fund your loan with that score providing the other factors are in line. Other factors are income, down payment, other debt, etc. There is a chance that you will not qualify for the loan regardless of your score. Just check with anyone of us here. Read through the posts and you will get a few names of some quality people.
Marsha
I think if you check with most of us here, we all probably work with at least one bank that will be able to fund your loan with that score providing the other factors are in line. Other factors are income, down payment, other debt, etc. There is a chance that you will not qualify for the loan regardless of your score. Just check with anyone of us here. Read through the posts and you will get a few names of some quality people.
I think if you check with most of us here, we all probably work with at least one bank that will be able to fund your loan with that score providing the other factors are in line. Other factors are income, down payment, other debt, etc. There is a chance that you will not qualify for the loan regardless of your score. Just check with anyone of us here. Read through the posts and you will get a few names of some quality people.
My bank offers FHA loans with credit scores as low as 525. With rates in the 4.75% - 5.5% range on a 30 year fixed loan with no pre-payment penalties. If you would like a free credit check and market analysis please feel free to call. 1-925-216-7702.
Thanks
Brooks Landry
Topdot Mortgage Bank
"blandry@topdot.com"
[Link deactivated as per forum rules. Thanks.]
Thanks
Brooks Landry
Topdot Mortgage Bank
"blandry@topdot.com"
[Link deactivated as per forum rules. Thanks.]
Hi marsha,
Keeping your credit score in mind, I think FHA approved lenders will be ready to offer you a loan. As far as I know, FHA loans are available at a credit score of 580. But, you should not have any collections or late payments in your credit report. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know the type of rates and terms you may expect to get.
Thanks
Keeping your credit score in mind, I think FHA approved lenders will be ready to offer you a loan. As far as I know, FHA loans are available at a credit score of 580. But, you should not have any collections or late payments in your credit report. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know the type of rates and terms you may expect to get.
Thanks
CAN YOU BUY A HOME WITH A credit score OF 602.................HELP..
Hi tscott!
Welcome to forums!
With a credit score of 602, you may be able to qualify for a FHA loan to buy a home. However, you shouldn't have much negative items in your credit report. If you have a lot of negative items in your credit report, you chances for qualifying for a FHA loan will be less.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a credit score of 602, you may be able to qualify for a FHA loan to buy a home. However, you shouldn't have much negative items in your credit report. If you have a lot of negative items in your credit report, you chances for qualifying for a FHA loan will be less.
Feel free to ask if you've further queries.
Sussane