Home Buying in Springfield>Question Details

Shaniqul Bur…, Renter in 01128

I have a credit score of 613 and I wanted to know if it was possible to get a home loan with my score so long.

Asked by Shaniqul Burris, 01128 Fri Mar 14, 2014

Help the community by answering this question:


You're pretty close to the required 640 minimum for FHA. I'd definitely contact a lender and see what they can do for you.

When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. I can refer you to an EBA in your area, if you like.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
0 votes Thank Flag Link Sat Mar 15, 2014
It is possible, but you will have to talk to a local mortgage lender to see what they can do for you. Go ahead and reach out to one or a REALTOR.
0 votes Thank Flag Link Sat Mar 15, 2014
I have a mortgage person in springfield that deals with hard to finance clients. She will at least tell you what you need to fix.
0 votes Thank Flag Link Sat Mar 15, 2014
It's possible. Please contact me through my profile.
0 votes Thank Flag Link Fri Mar 14, 2014
Yes it is possible. I deal with scores in that range, and am one of the few who does. We need to take a look at the whole credit picture and borrower profile. If there are items needing to be addressed on the credit report, I can assist with correcting them.

I have helped many people on Trulia and would like to help you. I am a local lender who knows the market. There is no cost or obligation to get pre-qualifed, so please contact me when you can to find out more.

Scott McCauley, NMLS# 174108
Licensed Mortgage Planner (Mass, NH, ME)
Regency Mortgage Corp., NMLS# 1938
Office: 603-610-8852
0 votes Thank Flag Link Fri Mar 14, 2014
To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range though most require 680. USDA loans with a credit score of less than 580 are denied if you have been late on any payments. (Reference: http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderw…)

There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)
0 votes Thank Flag Link Fri Mar 14, 2014
Hello Shaniqul,
That is a great question. Most lending instituions want a fical credit score of 640 or higher.
Here is a credit repair company name and phone number. Try giving them a call if you dont
know how to increase your credit score at a fast rate or google credit repair and find a company yourself. Hope this helps, when your approved please give me a call at 248 395-6885. Remember "Your Next Home Is Within Reach"


Consumer Credit Restoration Bureau
248 559-8900
0 votes Thank Flag Link Fri Mar 14, 2014
Hello Shaniqul Burris,

I don' t know about your real estate market. But I know I have someone who can do it in my area for that score. But if you need a referral for a real estate agent or loan officer in your area,please don't hesitate to give me a call. I would be more than happy to refer someone to you. http://www.buyandsellnewhomes.com
0 votes Thank Flag Link Fri Mar 14, 2014
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