Financing in 44313>Question Details

FrankH, Home Buyer in Cuyahoga Falls, OH

Will a credit score of 620 keep me from owning a home?

Asked by FrankH, Cuyahoga Falls, OH Sun Jun 10, 2012

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The answer is NO. A 620 won't keep you from owning a home. FHA allows scores lower than that and contrary to the belief of many here, it's not that hard to find.

As everyone else states, credit score is not the only factor, but the specific answer to your question is that a 620 will not disqualify you from financing with either FHA or conventional.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Jun 27, 2012
No... you could go to an owner who is willing to carry back a mortgage.
0 votes Thank Flag Link Wed Jun 27, 2012
At least one known lender in Summit County advertises that they do FHA loans with scores of 620 or better.
0 votes Thank Flag Link Thu Jun 21, 2012
Go to your local non profit housing group for credit counseling. They will tell you what you are doing wrong and how to fix it. Your credit tells a lender your willingness to pay your bills so that you want it as high as possible. Most banks overlay requirements for a 640+ FICO.
0 votes Thank Flag Link Mon Jun 11, 2012
Hopeless, As said by others, Credit Scores alone are not the only factor that need to be reviewed in order to obtain a loan. I am a loan officer in Northern Ohio and you and call me inorder to determine your options. My phone is 216-324-8113
0 votes Thank Flag Link Sun Jun 10, 2012
It surely should not depending upon debt to income ratio. The only way to know is to get pre-approved by taking @ 5-10 minutes or less on the phone with a good lender. I highly recommend Angie Spicer in our office with Howard Hanna Mortgage. 330-896-5225. Best of luck to you.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Sun Jun 10, 2012
Well I am currently enrolled in college as well, so currently have about 80,000 in student loan debt that is currently deferred and will be for about another 2 years. I don't think this debt will increase as I am being reimbursed for most by my employer, so I guess that with my credit score will knock me out of home ownership, huh?
Flag Sun Jun 10, 2012
It depends on your finacials and amount of down payment. The score could keep you from some types of mortgages while increasing the amount you would need to put down. you should meet with a local and trusted loan officer who can guide you through the process and let you know what you can afford or what you will have to do to improve your situaion.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jun 10, 2012
It depends on your finacials and amount of down payment. The score could keep you from some types of mortgages while increasing the amount you would need to put down. you should meet with a local and trusted loan officer who can guide you through the process and let you know what you can afford or what you will have to do to improve your situaion.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jun 10, 2012
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