Home Buying in Bakersfield>Question Details

Marisa Pineda, Home Buyer in Bakersfield, CA

I have a question for a loan officer. my credit score is 677. and im a 1st time buyer.. should I try to fix my credit more? Or do I have a chance now

Asked by Marisa Pineda, Bakersfield, CA Sun Nov 3, 2013

Help the community by answering this question:


Yes you can buy now I know a great new site that matches people with lenders based on their situation, The Lenders Network. They work with people with credit issues all the time although your score is fine now they can refer you to a great lender..

Good Luck
1 vote Thank Flag Link Thu Nov 7, 2013
Your credit score is fine as long as that is your middle score. Go with a local lender. I would suggest Lisa Hook with Prospect Mortgage 661-301-5472. Also there are down payment assistance programs you might qualify for. if you want any other answers you can call me.

Brian Ostrovski Broker BRE#01823602 661-900-6468
1 vote Thank Flag Link Sun Nov 3, 2013

680 will be better and should be easy to reach if you already have 677.

In general, the minimum credit score needed, will depend on the kind of loan program you are looking for and your overall loan-to-value ( e.g. if you are buying a house worth 800K with a only 10% down then you will need a 700 minimum credit score)

Feel free to call me for more details.


Thierry Abel
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Thu Feb 13, 2014
Yes! With that score you should be able to have a couple options available to you such as FHA or conventional. There is a lot more of your financial information that we will have to look at in oder to determine whether or not you can get a loan. Some of these factors include income, expenses, assets, liabilities, debt, down payment, employment, as well as credit score. Also, when it comes to your credit score, you should be good. Lenders like myself have been able to give out loans with scores as low as 580. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Thu Feb 13, 2014
If that is actually your credit score it would work for most lenders if you use FHA or some other govie loan product. Lenders are required to pull a tri-merged mortgage credit report that will often be very different than the applicant expects. Have your Realtor introduce you to the local loan officer they trust the most and get pre-approved. Good luck with your new home.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Nov 4, 2013
If you get your credit over 680 you probably would get a cheaper loan. It probably would be easy enough to do.

Feel free to contact me if you would like help.
0 votes Thank Flag Link Mon Nov 4, 2013
Hi riverama

You should be able to buy with this credit score . if you can enhance your credit score it may be benefit for rate and term.

call us more detail

Omar Khamisa
Mortgage Loan Manager

NMLS#: 369325
Cell: 510-648-5535
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Sun Nov 3, 2013
Hi Riverama,

Your credit score is fine. In addition to your credit score, an underwriter will look at your most recent 12 month payment history, income, your debt-to-income ratio and funds to close.

Best regards,

Elva Wormley
Mortgage Consultant
(408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981
0 votes Thank Flag Link Sun Nov 3, 2013
Give me a call because I need a little more information before I can give you an accurate anwser.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Sun Nov 3, 2013
Hi Riverama: Theiry is correct, however, as a first time homebuyer, you may be looking at FHA financing. In this case, FHA pricing is not goingt o be effected much by your credit score.

Your credit is perfectly acceptable for both FHA and conventional. Conventional will make oricing adjustments for the credit score below 720 (higher rate).
0 votes Thank Flag Link Sun Nov 3, 2013

You could buy now but you could have access to better and cheaper loan programs if you could take your middle score to over 700….It does not usually take much to achieve that.
0 votes Thank Flag Link Sun Nov 3, 2013
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