Financing in Brooklyn>Question Details

Realeplatt, Home Buyer in West Milford, NJ

Can I get a house with a 650 credit that isn't my first house?

Asked by Realeplatt, West Milford, NJ Fri Feb 7, 2014

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5
Most lenders prefer a 640 credit score, therefore yes; however keep in mind that there are other factors involved in determining mortgage qualification, therefore 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 Feb 8, 2014
The short answer is yes you can. The rate and pricing of the loan will depend upon occupancy, overall credit history, down payment etc. If this will be primary or second home rate then pricing is much better with low down payment requirements as opposed to investment property. I have several lenders that will do your loan at 650 or lower FICO score. If you like to discuss in detail my contract information is given below.

Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
1 vote Thank Flag Link Sat Feb 8, 2014
It's possible. But what you need to do is meet with a Loan Officer and see what you would qualify for. Got to see what your down-payment is, credit history, will you occupy the house or use it as a second home or investment property? There is several things that need to be considered so that we know for a fact that you would or would not qualify. I'm always available to meet or speak with you if you need some good help. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
1 vote Thank Flag Link Fri Feb 7, 2014
Yes you can. The minimum score needed to qualify for FHA is 620.
1 vote Thank Flag Link Fri Feb 7, 2014
Realeplatt,

We only require a 620 credit score for both conventional and FHA financing. I would be happy to discuss your financing options with you. Please email me at tony.garcia@flagstar.com
0 votes Thank Flag Link Fri Feb 7, 2014
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