605 fico

[Anonymous]

to make a long story short i am looking for a first time home buyer mortgatge. purchase price is 225k with 6k back at closing for closing costs. i have a middle fico of 605 and make about 54k a year. i have a federal tax lien for 5k and i need to get funding by april 30th. can anyone help me,.. the contract is in place i just need funding,.

[Anonymous]

Is 605 your middle score? Most loan programs require at least a 620 mid score. And they would also require the tax lien to be paid.

[Anonymous]

yea 605 is the middle score

[mauve]

Wow, you got an offer accepted without pre-approval?

[Anonymous]

i had a pre approval letter from wells fargo which they sweared up and down nothing would be wrong with my loan, well after i put the offer in wells called me and said i did not get approved sorry about that.

[Anonymous]

Sorry to hear all that. Someone should have been more realistic with you than that. Federal tax liens ALWAYS need to be paid. No lender would loan on a borrower with a tax lien because the tax man always takes first lien position once you buy a home. And no lender wants to do a first mortgage that would automatically be subordinated to second lien position.

What type of loan where you applying for?

[Cally0717]

Gee, sorry to hear that!  I have a 605 also and I'm getting discouraged.