Financing in 19138>Question Details

Itsawg, Other/Just Looking in Philadelphia, PA

Can I buy a house with a credit score 644?

Asked by Itsawg, Philadelphia, PA Sat Jan 4, 2014

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The simple answer is yes. To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range though most require 680. USDA loans with a credit score of less than 580 are denied if you have been late on any payments. (Reference: http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderw…)

There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)

But... lenders will also look at your income and debt to income ratio to make sure you can afford the mortgage.
0 votes Thank Flag Link Sat Jan 4, 2014
Most lenders prefer a minimum 640 credit score, therefore maybe; since there are other factors involved in determining qualification, for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Sat Jan 4, 2014
I really don't feel like going through the long process of buying a house right now so at this time I'm looking for a two bedroom house or apartment for rent in the west oak lane or olney section of phila pa
0 votes Thank Flag Link Tue Jan 14, 2014
homeownership voucher program,homepath or hud.gov/buying/local buying.cfm just want to know if any of these programs are good for low income 1st time home buyer
0 votes Thank Flag Link Sun Jan 12, 2014
Is naca a good housing program for low income first time home buyer
0 votes Thank Flag Link Sun Jan 12, 2014
I'm looking for grants for low income for 1st time home buyer
0 votes Thank Flag Link Sun Jan 12, 2014
IS NACA A GOOD PROGRAM FOR FIRST TIME HOMEBUYER/LOW INCOME??
0 votes Thank Flag Link Fri Jan 10, 2014
Yes you can get a pre approval with that score. I work with lenders that can get a 580 approved. There is also grants and sellers assist that can help you get money towards closing costs!!
0 votes Thank Flag Link Wed Jan 8, 2014
Hi Terrell I would like to know did somebody buy the house on 2063 independence st 19138 yet
Flag Tue Feb 4, 2014
I meant to say that house
Flag Sat Jan 11, 2014
@Terrell Bruce how much do u think my mortgage will b if I was to get that on independence st
Flag Sat Jan 11, 2014
Ok thanks for the info can u tell me the name of the grant programs
Flag Sat Jan 11, 2014
The house I'm interesting in is 2063 Independence st phila pa 19138 they want 40,500 it's a two bedroom house.is this house worth this amount??
0 votes Thank Flag Link Tue Jan 7, 2014
I actually rented a house on that block this past summer. You will definitely have a lower mortgage payment than rent. Its a nice low key block
Flag Wed Jan 8, 2014
Are you a first time homebuyer.......would like to talk with you about our closing cost asst grant for up to $3k......call me at 215-254-2824,
Flag Tue Jan 7, 2014
640 is fine for credit qualifying. Let me know if you want to start the pre-qualification process.

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549
Cell: 301-651-7822
Email: rhanson@gladewaternational.com
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Tue Jan 7, 2014
Itsawg, a 644 score is surely high enough for FHA financing. Have you confirmed your debt to income ratio? Are you aware of the newly implemented CFPB rules relating to the QM Act? I would be happy to walk you through any related questions that you may have and also have several Realtors that I can refer to you for any SE PA county. Good luck!
Web Reference: http://www.ronbeebe.com
0 votes Thank Flag Link Sat Jan 4, 2014
Credit score of 644 is ok ....but that is not the only factor your lender will look at, but it's a great start.
0 votes Thank Flag Link Sat Jan 4, 2014
Hello Itsawg,

Your credit score is sufficient to qualify for a mortgage. However the credit score is not the only factors that determines mortgage qualificatio. Down payment, income, monthly debt must also be considered in calculating your qualification. If you would like to give me a call we can 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 Sat Jan 4, 2014
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