Financing in Hernando>Question Details

thomas & vic…, Home Buyer in Hernando, MS

i have a credit score of 653.What are my chances of getting a home loan?

Asked by thomas & vicki Padgett, Hernando, MS Mon Jul 30, 2012

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9
Great! You can get approved with a 653! You probably don't need to get your scores up anymore. There are Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 640 scores approved for a home loan with The Lenders Network, not bad rates either. If anyone can you get approved they can!
2 votes Thank Flag Link Fri Aug 16, 2013
Please, "The Lenders Network," stop with the spam!
1 vote Thank Flag Link Fri Aug 16, 2013
Good morning Thomas & Vicki,

Most Lenders today want at least a 640 Credit Score. So it would appear you should qualify.

1. Get a referral to a Local Mortgage Banker to meet in person and review your total "qualifying picture" of IAC or INCOME, ASSETS, and CREDIT. Your Mortgage Banker can determine if you are qualified and for which loan programs and products you would qualify. If you are not qualified at this time, your Mortgage Banker can help you prepare and "Action Plan" to become a Homeowner in the future.

2. Where did you obtain this credit score? IF it's not through mortgage company and it's from an online resource, then chances are it is NOT a FICO score. FICO scores rule the day in the world of financing from cars to student loans, credit cards to mortgage loans. The scores consumers can obtain online are more often than not unacceptable for finance purpose and can vary widely from an actual FICO score.


Trevor Curran
NMLS #40140
1 vote Thank Flag Link Thu Aug 2, 2012
You shouldn't have problem with 653. I know few great lenders in Southaven. Let me know if need a lender or an real estate professional.
1 vote Thank Flag Link Mon Jul 30, 2012
Many lenders (as do us) require a minimum 640 credit score, with some lenders (very few) requiring a 620. With a 653, there is a good chance you could qualify. Keep in mind that qualifying for a mortgage has other factors - other than just credit score - but having an exceptable credit score is the first step. I'm located in Hernando (right off the square), so if you would like to see what you could qualify for, then please give me a call or send me an email with any questions you may have. You can contact me at 662-429-5100 Ext. 105.
1 vote Thank Flag Link Mon Jul 30, 2012
640+ is generally needed for a automated approval. Your scores should be fine - assuming no past serious financial hardships like BK, foreclosure, etc. Please contact us below to discuss details.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
http://www.UsdaMortgageHub.com
0 votes Thank Flag Link Sat Nov 7, 2015
The chances of you getting a home loan are high. You should not have any problems with your score. Remember that other factors do come into play when you are looking for a home loan. You should contact a lender to begin the pre qualification process. That way you will know what price range you are qualified for.

Beth Davidson
Crye-Leike
Hernando,MS
0 votes Thank Flag Link Mon Dec 29, 2014
How much money will be placed down?
0 votes Thank Flag Link Fri Aug 16, 2013
Your chances are very good, call Doug at Fairway, we have worked together and he does a great job.
If you need a Realtor once your approved, I live in Hernando and cover the entire North MS area and would be happy to help. Rates are down, so you are looking at a great time. Merry Christmas!!
0 votes Thank Flag Link Sat Nov 24, 2012
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