Home Buying in 20171>Question Details

aag1031, Home Buyer in Mansfield, MA

Buying a home with a credit score of 630(ish)??

Asked by aag1031, Mansfield, MA Sat Mar 16, 2013

Hi all,

Just looking for quick advice of the odds of me getting a first-time home buyers loan for a mortgage with a credit score of 630(ish)?? I just reviewed them all online the lowest was 635 highest was 645. I'm able to have some what of a down payment too - probably about 3-4% Good idea?? Bad idea?? Thoughts??

Help the community by answering this question:


No. Why wait? Interest rates and home prices are on the rise by the time you get to a 700 if that even happens anytime in the next year you would be way better off buying now! Yes you can get approved with a 630 score for an FHA loan with a rate in the 4% range, why not?!? I would recommend visiting The Lenders Network they have several lenders they can refer you to get the best rates. If anyone can get you a loan they can!

Good luck!
1 vote Thank Flag Link Fri Jul 12, 2013
Hello First Time Home Buyer!
What a great opportunity you have at this time! You would be making the right decision to invest in your future and buy a home. I live in Herndon and would love to talk with you about what you want in a home. I have trusted lenders that can assist you as well to guide you through the mortgage process and fit the right loan program to fit your needs and situation.

Please contact me right away, so that we can make you the happy homeowner that you wish to be. Make your home wishes come true....call Jeanne. 703-973-7742
0 votes Thank Flag Link Sun Mar 17, 2013
This is a great idea!! please create a free account at my website: http://www.livinginfairfaxcounty.co so that I can send you daily listings and you can browse available homes. I am looking forward to working with you and I can be reached at (703) 269-8706
0 votes Thank Flag Link Sun Mar 17, 2013
Dear FTHB:

Great idea to buy a home now!! As it's still a good market to buy your first home which will appreciate in value with prices going up ~
I work with a direct lender who allow credit scores as low as 620. I would not suggest applying for a loan online as most of the time they do not give you a full picture of the costs associated with the loan and generally generate a pre-qualification rather than a pre-approval, and there is a big difference between the two.
3-4% down with allow you to apply for an FHA loan which requires 3.5% . There is another cost apart from down payment which is associated with your purchase called 'Closing Cost', which I make sure to negotiate and have it paid by seller for my buyer clients!!
Buying your first home is an experience filled with joy and excitement which can become overwhelming if you don't know where to find the right help and to understand the process fully before you begin the journey ~ I am doing a First Time Home Buyer Seminar next month. Please let me know if you'd like to register, it's free for everyone and there will be good information which will help you make the right decision!!
Also, a lot of FTHB don't know that hiring a buyer's agent is a complimentary service for buyers as commission are paid by sellers, isn't that sweet??

Hope you find this information helpful~


Faiza Alvi - Realtor®
Prince William Realty, Inc.
703-389-7973 (Direct)
703-580-9995 (Fax)

I believe:
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
0 votes Thank Flag Link Sat Mar 16, 2013
Hello - if you are able to buy your first home right now - it is a great decision. Interest rates can only go up from this all time low, and home prices are also rising in Northern VA. So even a year from now, the same home could result in a significantly higher monthly payment.

An FHA loan requires a minimum of 3.5% down so this sounds like it could be a possibility for you. In addition to the downpayment, buyers have closing costs of about 3%. This doesn't have to be your funds - it can also be a gift from a family member, borrowed against a 401K plan, negotiated with the seller, etc.

As far as your credit score - a loan officer can tell you if it will work. There may also be some things you can do to improve your score quickly, if necessary to qualify.

Please let me know if you would like to discuss this further - you can go to my profile to find my contact information.

0 votes Thank Flag Link Sat Mar 16, 2013
Few lenders go even 600 score now Call me
0 votes Thank Flag Link Sat Mar 16, 2013
For a definitive answer check with BB&T , PNC or Citi Bank, for example. They all have a first time homebuyers product and the usual credit score is around 640 plus. You might make the cut, but the only way to find out is to talk to a lender. All lenders don't have the same product so shop around. Good luck and let me know if I can help..

Leila Brown
Keller Williams Realty
6820 Elm St.
McLean VA 22101

0 votes Thank Flag Link Sat Mar 16, 2013
If you are looking to buy in Northern Virginia I can connect you with a great lender on my team. I would love to assist you in finding a great home. Feel free to contact me at 703-307-3449 or JohnGinty@kw.com. Also, if you register on my website at http://www.JohnGintySells.com you can get free daily listing alerts.
0 votes Thank Flag Link Sat Mar 16, 2013
I assume you are looking in northern Virginia. What is general price range? I work with a couple of lender who may be able to assist. Please contact me.
0 votes Thank Flag Link Sat Mar 16, 2013
You may qualify for an FHA loan. If you are looking in the DC area, I have a few lenders that can work with you. Please call me at 703-625-6731 or email me at khannacpa@yahoo.com if interested.
0 votes Thank Flag Link Sat Mar 16, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer