Home Buying in Akron>Question Details

regg1967, Renter in Akron, OH

I pulled my credit score on creditkarma.com, and it was 622. I want to know if it's possible to purchase a home with a score this low? I'm a teacher,

Asked by regg1967, Akron, OH Tue May 27, 2014

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Getting a mortgage is more than just a score, it is your income, debt and credit history as well as how much you have for a down payment and closing costs. Meet with a local and trusted loan officer who can pre-qualify you at no cost and let you know what is available to you.
0 votes Thank Flag Link Wed May 28, 2014
You should have a lender check your credit. The public scores differ from the bank scores because of the FICO algorithm that the banks use. You should also inquire about an FHA loan, these are insured by the Federal Housing Administration. They allow for lower then average credit scores and 3.5% minimum down payment. One warning is you will have PMI for the life of the loan and also pay up front premiums. Your loan officer will go over all of the details with you.

0 votes Thank Flag Link Wed May 28, 2014
Yes, it is very possible, assuming you have the sufficient down payment/closing costs and a steady income. You'd get a better interest rate with a 640 credit score.

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 Wed May 28, 2014
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