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Michael, Home Buyer in Orlando, FL

Can I get a home loan with a 620 Beacon score?

Asked by Michael, Orlando, FL Mon Oct 25, 2010

My wife and I have 620 beacon scores and we have heard that the minimum has been raised from 620 to 640. Is there any lender that will still do a home loan with 620? We have a 34% debt to income ratio and are doing and FHA loan at $294,000?

Help the community by answering this question:


Yes I have clients that got conventional loans with a 620 credit score. I know FHA can go down to a 580 credit score.. Check out The Lenders Network they can refer you to a lender that offers low credit score loans.
3 votes Thank Flag Link Fri Oct 11, 2013
Hi Michael,

As a matter of fact Wells Fargo will approve mortgages with a 620 score, of course there is more to the approval than just the credit score. If I can assist you in the purchase of your home it would be pleasure. I can be reached at 813-361-7001.

Web Reference:
1 vote Thank Flag Link Mon Oct 25, 2010
Hi Michael,

Its very possible to get a loan based on that score, however your score alone is not the determining factor. My advise is to talk a loan officer or a mortgage broker in detail of your situation. If you have a recent copy of your credit report, they should be able to walk you thru it and identify any potential problems you may encounter. Make sure you are comfortable with them and there professionalism. If they tell you that "yes they are sure they can get you approved" , asked them what the approval is contingent up on? When can they provide you with a commitment letter? Provide them with the documentation they require in a timely fashion, and assure your self that they are dotting their I's and crossing there T's. Open and constant communication with them is key, so make sure that who you work with will answer your calls or at least gets back to you in a timely fashion. If they are waiting to the last minute to verify any information, that's a sign of trouble. remember you want as much time as possible to correct any mistakes or get any documentation that the underwriter may require. I see some people have suggested going with Wells Fargo. I have personally worked with Wells Fargo in the past and they have done a superb job. Who ever you decide to go with, just make sure they keep their eye on the ball, communication is key. Good luck to you and if you have any questions feel free to contact me.

Fernando Palma
Homexpo Realty
0 votes Thank Flag Link Wed Jun 5, 2013
Me and my wife are browsing to buy a new home, we currently own a home under my credit alone. We are wanting to buy our dream home together. I have a credit score of 657 and hers is a 570. We are now in a credit repair program to help push her credit up to the 640 they say is needed to purchase a new home. We have the mortgage and 2 cars that will be paid of in the next 8 months. Is it possible for us to get a second home loan under both of out names.
0 votes Thank Flag Link Sun Jan 13, 2013
Yes you can get a loan. If you wish please contaact me to discuss your loan. Thank you

Brad Singer
Leader Mortgage Serices
0 votes Thank Flag Link Thu Jan 19, 2012
I have a lender who will do FHA loan down to 600 credit score. I'm Chairman of mortgage and Finance division of Orlando Chapter of National Association of Real Estate Brokers (NAREB).

Please contact me and I'll be happy to share more and answer your specific question.
Your debt to income ratio seems fine and you can definitely borrow 294k or may be even more.

I'd love personally help you take care of your funding/mortgage needs and help you buy your new house to call home. Who knows I may even be able to sell you a brand NEW home with warranty and even 100% financing* and closing costs assistance.

I urge you to read my profile here and contact me asap.

* 100% financing may only be available in certain areas.
0 votes Thank Flag Link Wed Jan 18, 2012

You can get financing but there is more to your file than just a credit score. If you have derogatory credit that has gone unaddressed, you could still have problems. It can be done if structured correctly. FHA or USDA will be the way to finance.

Call me or email me and I will give you a free obligation required.

Michael Messineo
Nola Lending
0 votes Thank Flag Link Wed Oct 27, 2010
It is definitely possible at a decent rate although it would be slightly higher than if you had a higher score. You may be interested in obtaining a Home Buyer Report that we make available to all our home buyers, before they make a decision which will give you a lot of tips when buying a home. before you make a decision. Call or email me and I'll be happy to provide.

Jose Morales
Florida Mortgage Coach
0 votes Thank Flag Link Mon Oct 25, 2010
I had a client who had similar numbers; they obtained a loan thru Wells Fargo...I would advise to contact a loan officer they shoud be able provide the best advice. They may also advise you on how to increase your beacon score. If you have any questions or concerns please free to contact me.
Ainsley Daux
Home Run Real Estate inc
0 votes Thank Flag Link Mon Oct 25, 2010
I can absolutely do a loan at 620 for USDA 102% financing, FHA 3.5% down and VA 100% government loans, your DTI looks great.

All we would need is 2 years same profession and you are approved.

You can apply at the link below or call me at 561-210-3000
0 votes Thank Flag Link Mon Oct 25, 2010
In this environment, probably not, but you never know unless you try. Call a couple of lenders and see what they say--they make the decision, not realtors.

Myke Triebold, GRI, LMC
Web Reference:
0 votes Thank Flag Link Mon Oct 25, 2010
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