Credit Score in Wynona>Question Details

Corney453, Both Buyer and Seller in Wynona, OK

Can I get a home loan with a 614 credit score in OK?

Asked by Corney453, Wynona, OK Thu Jan 10, 2013

We are currently wanting to buy a house in Wynona, OK and my hubby has a credit score of 614. The amount needed is 50,000 and we were looking for the shortest term loan we can afford (we are hoping for 10 year fixed).

We both have stable incomes and have worked for the same company for over 2 years now. Is this a possibility or am I just wishful thinking???

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7
Jessica Bateman’s answer
Yes you get a home loan now. I work with a lot of client's who have less than perfect credit. I tell all my clients to visit The Lenders Network, I have seen home loan approvals and actually closed from them even with scores under a 580. So if anyone can get you a loan they can..
0 votes Thank Flag Link Wed Jul 10, 2013
You can get an FHA loan with a 614 middle score with some lending institutions. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's get a goof rate on an FHA and VA loan with scores even under 600 at The Lenders Network.
0 votes Thank Flag Link Sun Jul 14, 2013
Good morning Corney453,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu Jul 11, 2013
Call Michael Clutts, Loan officer are Citywide Mortgage. His number is 405-735-8935. He will be able to answer all your questions.

Tell him Josh sent you.

Best of Luck,

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sat Jan 12, 2013
I would love to help you! We do 580+ credit score home loans. You aren't wishful thinking at all :)

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Thu Jan 10, 2013
Corney453,
interest rates on $50,000 may be higher than the "average rate". Check with your local bank or a mortgage Broker and ask about Rural Development (it's the 100% financing program that doesn't require a down-payment) this may be a good option for you if you and the area qualify. It's a great program that has helped many of my buyers purchase homes.
0 votes Thank Flag Link Thu Jan 10, 2013
Corney453,
there are a few different loan types in Oklahoma.
There is a 100% loan called Rural Development that does not require a down payment. Depending on your situation and area you are looking you may qualify. It's a great program! Your current local bank or a mortgage broker can help you more in depth with this, I can refer a few to you if needed.
0 votes Thank Flag Link Thu Jan 10, 2013
I actually did contact my personal bank and they told me since our score was 614 they wouldn't be able to help because they require at least 620....I'm beginning to get very frustrated with them!
Flag Thu Jan 10, 2013
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