Credit Score in York>Question Details

Tria Hong, Renter in York, PA

Our credit score is about 627. Are banks still providing FHA loans with 3.5% down with this score? We live in York, PA.

Asked by Tria Hong, York, PA Fri Aug 31, 2012

I've been told by a bank when trying to buy a new home that we didn't qualify and would have to wait a year. Is that only with new purchases? Also, the house that we are interested in is in Wrightsville, if that matters.

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11
Trevor Curran’s answer
Good morning Tria,

Most Lenders today require a minimum credit score of 640 to qualify. Best bet is to meet with a Local Mortgage Banker to get thoroughly prequalified. Mortgage Bankers are Licensed and have a much better understanding of qualifications than loan officers who work at regular banks.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
Hi Tria
You should not have a problem getting a mortgage with a mid score of 627. Contact a local lender so you know exactly what your options are. Best of luck to you.
0 votes Thank Flag Link Sat Aug 24, 2013
Likely you can get an FHA loan with 3.5% down... now keep in mind your fees do not end with just a down payment. You will pay for an inspection, an appraisal, oh and then your lawyer....not done yet though.... next is closing costs which could be in the thousands.

You may be able to roll in the closing costs, but maybe not... so keep in mind... most are under the impression that 3.5% is all they need to buy... not the case.

Maybe you can roll in the closing costs, but you will still need to pay your lawyer, inspector, and appraiser. Those fees will not be rolled in
0 votes Thank Flag Link Wed Aug 21, 2013
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. If you want any help or advice email me or visit our website.
0 votes Thank Flag Link Tue Aug 20, 2013
yes, but I will Just make sure that the 627 its your FICO (at least middle score).

Lorena Longo
Country Home Realty, Inc
York PA 17406
0 votes Thank Flag Link Tue Sep 4, 2012
Yes Tria,they are. Wells Fargo will even go a little lower. That said, the lender is going to look at why the score is at 627 and make a determination based on that answer. along with all the things everyone else below told you!
0 votes Thank Flag Link Fri Aug 31, 2012
It depends on the Mortgage Company that you use. With a lower credit score you may pay a higher rate. The best thing to do is talk to a lender. They may be able to help you increase your credit score with some simple steps. I would also want to know where you pulled your credit score from. Some of the free credit score site are not accurate. Please send me an email and I can see how I can help.
0 votes Thank Flag Link Fri Aug 31, 2012
Hi Tria! Banks will also be looking hard at your debt to income ratio...sometimes even moreso than you credit score. If your debt to income ratio is below 41%, that's a real good thing. Location will not really matter...., calculated monthly payments, closing costs, debt to income ratio, and credit score. And YES! 3.5% is about right on. Give me a call at 717-586-3646 and I'll be happy to set up an appointment with you to meet me in my office on Eastern Blvd to discuss further. By the way, prequalification is the kty to geting all this started...and I'll be happy to set that up by introducing you to QUALIFIED Lenders! Enjoy the Holiday Weekend, and feel free to call even over the holiday.
I represent Prudential Bob Yost Homesale Services and I'm a Realtor Licensed in PA.
0 votes Thank Flag Link Fri Aug 31, 2012
Although most prefer to see scores above 640, some will go down to as low as 580 if there are extenuating circumstances such as what has caused the credit dings. Even if you cannot qualify now, there are most likely a few things you could do to raise it to 640 in relatively short time. The only way to know would be to allow a professional loan officer to review your credit report and run your situation through our system. There would be no cost to find out whether you qualify. Be happy to talk to you about it.
0 votes Thank Flag Link Fri Aug 31, 2012
Hello Tria,

Some banks only do credit scores of 640 or higher.
A 620 credit score is not a problem for me. Give me a call and I will get you pre-approved.


Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Fri Aug 31, 2012
It depends on what bank you are dealing with, some Lenders will accept a 627 score. Give me a call if you need help with finding a Lender or viewing a property.
0 votes Thank Flag Link Fri Aug 31, 2012
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