Home Buying in Kansas City>Question Details

Bostyle, Home Buyer in Kansas City, MO

I have a credit score of 650 would I qualify for a loan if I have a 20% down payment

Asked by Bostyle, Kansas City, MO Wed Apr 18, 2012

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The score alone should not prevent you from getting financing, but depending on the type of loan you obtain, and its loan-to-value (LTV), your 650 score may have an adverse impact on the rate for which you're eligible.

Consult a local mortgage professional for a pre-approval and this will help you best determine your course of action.

Rob Spinosa
0 votes Thank Flag Link Wed Apr 18, 2012
It really depends on your particular situation. I have a client right now with above a credit score above 700 who will not be eligible for two more years. You really need to meet face to face with a lender who specializes in credit consultation. At Keller Williams Northland Partner we have a lender in our office. She is great at sitting down with you and evaluating your situation. You will know exactly where you stand. You will get a detailed explanation of your credit report and an education on how to improve it. Also, if you qualify, you can obtain a pre-approval letter on the spot.

I specialize in working with first time home buyers and clients in need of a better understanding of their credit situation. I would be happy to help you at your earliest convenience. I am a full time Realtor so I am also available on nights and weekends.

John Harris and Associates
Keller Williams Northland Partners
0 votes Thank Flag Link Wed Apr 18, 2012
Most lenders require a minimum of 640 credit score which you've exceeded. It sounds like you are in a good position to qualify for a loan. The first step would be to contact a loan officer and/or mortgage broker to begin the approval process. You are able to contact most lenders by phone to not only gain a preapproval but to find out what price point they will finance you for. After this step, the fun begins! You'll now have your ducks in a row to begin viewing homes and potentially writing an offer. Good luck to you on your new home purchase.

Mallorie Wilson
Associate Broker
Century 21 Diversified
0 votes Thank Flag Link Wed Apr 18, 2012
It sounds to me like you're in good shape! Next step would be to contact a bank or loan officer to have the do a No Cost or Obligation pre-approval right over the phone and it sounds to me like you'd be good to go.

After that you'll be ready to start looking at homes!

You can go online to get pre-approved or let me know & I'd be happy to refer you to a few lenders that would be able to help you out.

And I can help you with any home that you may be interested in anywhere in the area, from foreclosures to new construction and everything in between!

Hope to hear from you soon!
Shawn Hickey
Century 21 All-Pro
0 votes Thank Flag Link Wed Apr 18, 2012
There is far more to it than just your credit score and the amount of money that you have to put down. Other factors include your debt to income ratio, the value of the home you are buying, the type of loan that you are getting, the bank that you are using, any special government programs that you are participating in, etc.

I would start by contacting the LOCAL HUD counselor. Sit down with that person and talk to them. They will be able to refer you to a good local lender if you are qualified to buy. http://www.makinghomeaffordable.gov
0 votes Thank Flag Link Wed Apr 18, 2012
Yes, a conventional loan. Please call me at 816-651-3003.
0 votes Thank Flag Link Wed Apr 18, 2012
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