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Can we get a mortgage with 600 credit score?

We do not have a lot for down payment either. by VladPetrov from Seattle, Washington. Nov 15th 2010 Reply


John A Soricelli Jr (John A Soricelli Jr)
#167 ranked lender in California - 151 contributions

We have a few different portfolio investors which do not have any credit score requirements, and their interest rates are right inline with FHA & FMNA. Depending on what state you are purchasing your home, and how much the purchase price will be, you would be required to put 10% down.

Nov 16th 2010
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Joseph Hendizadeh (josephh)
#343 ranked lender in California - 29 contributions

Some lenders do lend to borrowers with credit scores at the 600 level. However it is likely that they would be underwriting per FHA guidelines which permits these types of loans. Your best bet would be to contact a FHA approved lender who would be able to assist you in this matter. So to answer your question it is possible even with a minimal downpayment such as 3.5 percent, however there are other factors which would be looken into such as income, assets and so forth. I believe that American Financial Resources is an FHA approved lender who may be able to help you out.

Nov 15th 2010
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JENNIFER URANGA (JennatAmerifirst)
#43 ranked lender in Arizona - 40 contributions

Depending on what area you are looking into purchasing in you have the option of buying a home with the USDA loan program as well. This requires no down payment.CNN Mortgage provides loans through American Financial Resources and they still use the lower scores. The minimum is 620. Depending on why your credit is at 600, we can work on cleaning up your credit report of errors and old accounts and get you to 620.

Nov 16th 2010
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