Financing in 19104>Question Details

Alisa Miller, Home Buyer in Philadelphia, PA

Conventional mortgage with 670 tri-bureau credit score?

Asked by Alisa Miller, Philadelphia, PA Tue Aug 3, 2010


I am wondering what requirements are usually needed to obtain a conventional mortgage. My tri-bureau FICO is 670, I have extremely low debt to income ratio, and wish to purchase a modest property. Is 670 to low to be approved at all, or is it possible to get approval with a higher interest rate?

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It sounds like you should qualify for an FHA loan at the going rate, assuming everything checks out OK. I would be happy to speak with you to offer a free, no-obligation pre-approval.

We could go over your options and find the best loan program for your needs.

Best regards,

Michael Byrne
0 votes Thank Flag Link Tue Aug 3, 2010
The answers below are right on. I'd like to recommend Pat Lopez -

I also want to say your kitten photo is very very sweet. We have one at home named Charlie that has similar markings.

We hope you can qualify for the mortgage. Interest rates are so great right now.
0 votes Thank Flag Link Tue Aug 3, 2010
Based on the information provided, yes, you PROBABLY would qualify, but a lender would have to have more information to be certain, especially the amount of downpayment you have and if you are a first time home buyer.
0 votes Thank Flag Link Tue Aug 3, 2010
Hi Alisa,

A question I would have for you is do you also have money saved for a down payment and closing costs. Now, you don't have to answer that here on Trulia but if I were an agent you were talking to, I would need to know this. Most people have money for a down payment but then completely either forget about or know nothing about closing costs. There is something called seller assist and that is when a buyer can ask the seller to help pay some or all of their closing costs. It's an option depending on the situation.

If you are seriously wanting to buy a home or start the process, my professional advice to you is to find a buyer agent now so that you can build a relationship with and look to for advice and guidance and when you are ready to start the process, you will have your buyer agent.

There is a lot to know about the home buying process and now with all of the new mortgage rules and guidelines so its important to learn everything before you start the process.

I'd love to talk with you further about your situation and answer all of your questions. Feel free to either contact me directly at (215) 669-0589 or email me at

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
Servicing all of Philadelphia, Bucks, Montgomery Counties and New Jersey
0 votes Thank Flag Link Tue Aug 3, 2010
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