Home Buying in 07002>Question Details

deanraslowsk…, Other/Just Looking in Bayonne, NJ

Can I be approved for a mortgage with a very poor credit score of around 620 ? I can provide a large down payment of over 20 % and have no bills.

Asked by deanraslowsky1, Bayonne, NJ Tue Sep 3, 2013

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Sure. it is possible, but there's other factors involved, and the rate you qualify may be slightly higher than some of wht you might be seeing online. I can definitely recommend a few very good, reputable mortgage brokers to you so that you can consult with them. Plese feel free to contact me or anyone on my staff at EXIT On The Hudson Realty, right here in Bayonne.
1 vote Thank Flag Link Tue Sep 3, 2013
Your Credit Score is part of being approved BUT your credit history and profile will need to be reviewed also. Conventional might not be the best option for you however since FHA has more flexibility for credit blemishes.
Job history and debt ratio would also be evaluated along with assets and source of down payment.

620 is definitely something we can work with and/or guide you on what needs to be done to make you credit worthy.

Please reach out for me if I can be of assistance.

Gerald Santoro

njloanman@gmail.com 732-800-0060
1 vote Thank Flag Link Tue Sep 3, 2013
A score of 620 will allow for the most mortgage options ( for both conventional and government/FHA financing) and I can go as low as a 550 FICO so you're in the clear. Your down payment is more than sufficient and odds are you could easily qualify with less money out of pocket; it will depend on multiple factors relating to your job and income.

It's best that we speak so I can gain a clearer snapshot of your entire scenario and advise you with accurate information to ensure all aspects of your home purchase go smoothly from start to finish. Please contact me at your earliest convenience so we may begin weighing-out all feasible options and create a plan of action to make your home purchase a reality. I may be reached directly at (201) 957-6768 or via email; whichever is easiest for you.

Kind regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
0 votes Thank Flag Link Wed Apr 9, 2014
Actually, 620 is not all that bad! Especially with a large down payment!
0 votes Thank Flag Link Mon Apr 7, 2014
Question was asked 6 months ago.
0 votes Thank Flag Link Tue Feb 25, 2014
Flag Tue Feb 25, 2014
Yes, I believe that with what you have said so far it is possible. Your credit score is definitely doable. With a credit score of 620 and down payment lenders like myself can qualify you for a conventional or FHA loan depending on your other financial factors as well. These other financial factors that can affect your ability to obtain a loan includes income, debt, expenses, liabilities, assets, along with credit score.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes Thank Flag Link Mon Feb 24, 2014
Your credit SCORE doesn't tell the entire story. Some people with a 620 will get approved and others won't.

An underwriter, after looking at your ENTIRE report, will determine if they are confident enough that you will make your payments or not.
0 votes Thank Flag Link Thu Oct 10, 2013
I can help with this. We have programs that are not FHA and can qualify with the 620 credit score. Please call Angelo at NJ Lenders Corp 201.638.5498 I will be happy to answer any questions you may have.
0 votes Thank Flag Link Sat Oct 5, 2013

My suggestion is that you pick a mortgage broker/lender IN New Jersey if possible. I have seen way to many issues with out of state lenders that delay the closings past the contract date.

I know some out of state lenders rates, even with your credit score, may seem too good to pass up, but having someone local is worth it's weight in interest rate decimal points.
0 votes Thank Flag Link Wed Sep 4, 2013
Hi Dean,
Your interest rate you shall receive is adversely affected with a lower credit score, therefore it's advantageous to have good credit when applying for a mortgage. It also depends why you credit is where it's at? Truth of the matter is that a 620 will qualify for a Fannie Mae or Freddie Mac, and it's good you have a large down payment to comp for your score that will definitely help the process.
Feel free to contact my finance guy Carlos Rosario at Weichert 201-906-9707, tell him your working with Jeff Lee or call me directly at (201) 218-3254. I'd be happy to help, speak with you soon.

Jeff Lee
Weichert, Realtors
0 votes Thank Flag Link Wed Sep 4, 2013
Would having a poor credit score yet having paid off any outstanding debt help process? Just curious as to what the lenders review and take into account when approving/denying loans. Also is there any credence to going with a broker based in NJ as opposed to out of state?
Flag Fri Sep 20, 2013
Hello and thank you for your question, yes it is possible, and at Exit on the Hudson Realty, I have a few mortgage reps, that could help you. Please feel free to contact me if you have any further questions.
0 votes Thank Flag Link Tue Sep 3, 2013
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