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mprehwaldt · Joined: 04 Sep 2009 Posts: 12 4.97 Dollars($)

I want to get a mortgage, but I have a couple of questions. If I have one collection on my credit report thats current and I am paying on, but my middle score is about 588, but I have a co-signer that has excelent credit, but will not live in the house. Am I still able to get approved for a loan

gmakerley · Posted: Wed Sep 09, 2009 6:53 am Post subject:

i keep hearing that there are lenders who will work with someone whose credit score is as low as yours. you'll have to check around - probably an area broker can help. most lenders these days want a 620 score at a minimum.

a non-occupant coborrower is allowable on an fha loan only.

we cannot possibly tell you if you'll get approved; there are far too many variables involved in that.

JKennedySLG · Posted: Wed Sep 09, 2009 9:03 am Post subject:

Well put George. Depending on your location, there are a few alternative sources doing loans below the standard 620 mark, but an approval will rely heavily on the compensating factors.

No derogatories within the last 6-9 months and you may have a chance. These approvals are all case by case and nothing is guranteed.

gmakerley · Posted: Wed Sep 09, 2009 9:13 am Post subject:

thanks james for clarifying things on the sub-600 deals. if you read some of the posts from others, you'd think that 500 was as much of a slam dunk deal as 700. we all know better, but there are some greedy types out there who'll do anything to wrangle a potential client.

it all comes down to buyer beware, doesn't it?

smithsara302 · Joined: 12 Jun 2009 Posts: 116 -2.38 Dollars($)

As george and James suggested is valid. As for minimum credit score required is 620 for FHA.

But there are certain lenders who offer loan on less credit score than 620.
You have to find out locally. Contact several lenders at your area so that you can find the lender who will provide you loan as per your credit score.

This type of lenders are available but you have to find such lenders.

smithsara302 · Joined: 12 Jun 2009 Posts: 116 -2.38 Dollars($)

If you can specify your location I will personally help you. You can write me on my mail. Write me for further assistance.

[E-mail address deleted as per forum rules. Thanks.]

smithsara302 · Joined: 12 Jun 2009 Posts: 116 -2.38 Dollars($)

Sorry George,

I exactly do not know about it.
Actaully my intention is to help this mprehwaldt.

That is the intention nothing else.
But as its forum's rule I will not mention it further.

Thanks for guidance.

gmakerley · Posted: Wed Sep 09, 2009 10:15 am Post subject:

i understand your intent sara...if you are a lender and you want to sign up as a lender, you can always do so, and you can input all your contact information in your signature. check that out - we certainly welcome anyone here who has expertise. there's never enough of that!

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