Financing in Baltimore>Question Details

Kelley, Home Buyer in Baltimore, MD

Can i get a good loan with a 650 credit score?

Asked by Kelley, Baltimore, MD Fri Nov 11, 2011

Help the community by answering this question:


Hello Kelly,

with a 650 you are eligible for FHA loans such as a 203K.

Good luck
0 votes Thank Flag Link Fri Nov 18, 2011
You can certainly get a loan right now but we don't know what you're buying and where and in what shape so it's hard to say exactly what you can qualify for. As stated previously, you can get a FHA loan with a 650 credit score and may be able to get a reasonably priced conventional loan as well depending on how much you plan on putting down.

If you're more specific with your question, we'll be able to give you more specific answers.
Web Reference:
0 votes Thank Flag Link Mon Nov 14, 2011
If you pay your bills on time a 650 score will qualify you for a FHA mortgage. With a conventional mortgage you would be dinged so many times that the rate would be much higher.
0 votes Thank Flag Link Mon Nov 14, 2011
You may, but there are other factors besides credit that will determine mortgage qualification, such as income, debt, etc.; therefore do visit with any licensed loan officer(s) for an accurate answer as it applies to you; 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....
0 votes Thank Flag Link Sat Nov 12, 2011
The simple answer to you question is yes you can. Although a 650 score is not great, it's not considered bad either. there are plenty of loans available for folks just like you with what is considered "ok" credit. Much of the terms of your loan will also be determined by other factors such as work history, past tax returns, income and bank statements/account balances. My suggestion would be to talk with a lender before looking at properties so you can find out just what amount you can actually qualify for and what the payments will be. This way you are not looking at homes that are above or below your range and comfort level.
0 votes Thank Flag Link Fri Nov 11, 2011
650 is okay, not great but not terrible. Depending on the rest of your application you should be approved for a loan, but others with higher scores will get better terms.
If your score is 740 or higher you qualify for the best rates and terms. If your middle score is 660 or higher it improves, 680 is the next benchmark and 700 and 720 after that. Each 20 point jump improves your pricing for a conventional loan.
If you want to improve your score it may be possible. Talk to a local lender and discuss your entire application and credit report. Best of luck.
0 votes Thank Flag Link Fri Nov 11, 2011
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