Foreclosure in Deanwood>Question Details

moshood, Home Buyer in Washington, DC

hi, can i still get aproved if my credit is 620

Asked by moshood, Washington, DC Sat May 25, 2013

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This question was asked from this property: http://www.trulia.com/foreclosure/3116824147--51st-St-NE-Was…

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6
Absolutely you can get approved but your loan options will be slightly more limited than if you were at even 65. You might want to take the time to improve your credit score before you get serious about looking for a house. Higher credit scores mean lower interest rates! I often work with Kevin Carey at Apex Home Loans - Kevin Carey
Sr. Mortgage Banker
NMLS #150729
3204 Tower Oaks Blvd # 400 | Rockville, MD 20852
P. 240-268-3442 | F. 240-268-3443
http://www.apexhomeloans.com
kcarey@apexhomeloans.com

He is very thorough and easy to work with. He will help you get your scores up and then help you with your loan, Good Luck!
1 vote Thank Flag Link Sun May 26, 2013
Yes you can be approved however a credit score at that point will require an FHA or VA loan. With the FHA, the fees are going to be higher and with both you're going to have a higher interest rate. You'll want to speak with a lender who can look at your credit report and offer some quick suggestions on how to quickly clean up and increase your credit score in the quickest manner. Many can also "re-score" you once you've done what they've recommended. A lender I've worked with and who is excellent is Brent Mendelson at 1st Mariner. He can be reached at
Brent Mendelson
1st Mariner
BMendelson@1stmarinerbank.com
240-235-5314
1 vote Thank Flag Link Sun May 26, 2013
Yes you can with a score that low but we need to know why it's low and if there is anything that can be done to improve the score. If you were late in the last 12 months on payments that makes it tougher. It would be as Troy mentioned an FHA or VA loan with scores in that range. If you would like to chat I can take a look and see what steps can be taken to improve the score and pre approve you for a loan amount. Please let me know any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Tue May 28, 2013
It depends on the mortgage lender and the underwriter. Some lenders will accept a 620 score. Therefore you should have a complete copy of your credit report showing at least one fico score. (Make sure to obliterate your social security number and show only the last 4 digits.) Show the report to the loan officer and explain you are shopping for a mortgage. Do not let any lender pull your credit rating until you are ready to move forward because many inquiries against your credit record could reduce your score.
0 votes Thank Flag Link Mon May 27, 2013
Hi Moshood I know a lender that will take 620 and pre underwrite. Would you like contact info?
0 votes Thank Flag Link Sun May 26, 2013
You may want to speak to a lender. yes you can be approved. t may depend on several factors in your situation. Call me. I can refer you to a few lenders who can help you.you.
0 votes Thank Flag Link Sun May 26, 2013
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