Home Buying in Springfield>Question Details

Nitza, Other/Just Looking in Springfield, MA

I was told I have a credit score of 611. Is it possible to get a home loan now and also use a co-signer that already owns a home?

Asked by Nitza, Springfield, MA Wed Apr 27, 2011

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You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
3 votes Thank Flag Link Sun Jul 14, 2013
Simple answer - yes it is possible to get a loan with 611. You need to call a lender so they can qualify you on all the other stipulations-income, employment, etc.
0 votes Thank Flag Link Fri Apr 29, 2011
Lew gave a great answer. Just remember that FHA know requires the non-occupying co borrower to be a family member. Also you can only have non-occupying coborrowers on the traditional credit FHA.

"A borrower may be qualified for an FHA-insured mortgage on
his/her own principal residence even if he/she is a non-occupying
coborrower with a joint interest in a property being purchased by
other family members as their principal residence with an FHA insured

Please feel free to call or email me to get the specifics

Guajana Skyers
Community Banker
Home Savings Bank of America
email: gskyers@myhsoa.com
0 votes Thank Flag Link Thu Apr 28, 2011
Whether or not you can get a mortgage with a credit score of 611 will depend mostly on the mortgage lenders. While FHA requires a minimum credit score of 580, many lenders now require a minimum credit score of 640 on FHA loans. Each lender has their own underwriting criteria. You will have to shop around.

You can use a non-occupant co-borrower on an FHA mortgage - even if that person already owns a home. Your mortgage application will be underwritten with both you and the co-borrower and will take into account the credit, the income and the debt obligations on both of you. Again, you may have to shop around for a mortgage lender who is willing to help.
Web Reference: http://Lew.BestChoice.net
0 votes Thank Flag Link Thu Apr 28, 2011
Well yes and no. YES: You can secure an FHA loan with several lenders with as much as a 600 FICO score.
NO: Because there are so many other determining factors besides credit that lenders look for. For instance, I had a client that had a 700 credit score but could not get the student loan deferred for 12 months. Also they look and see if there are any liens or judgements that need to be resolved. You also have to factor in lates or collections that have taken place within the last 12 months as well. I just wanted you to better understand that securing a loan is not just based on credit worthiness. To clear underwriting is a difficult task for some and easy for some. All I can suggest is make an appointment and sit down with your local loan officer at Wells Fargo and see where you are. If you are ready, then proceed and if not ask about using the co-signer. I pray that this information helps you to make the best decision. I can assure you this one thing and that is you can't secure a loan without a credit check so just sit down and see where you are. You just might be surprised.
0 votes Thank Flag Link Wed Apr 27, 2011
First you already quaify for a home loan..you just might pay a higher percentage rate. The higher your score the lower the rate will be. try NACA.com or FHA but you still need to have a down payment and closing costs. It is free to speak to many different lenders, but if they will tell you to fix your credit.
0 votes Thank Flag Link Wed Apr 27, 2011
There are others factors in addition to credit that determine qualification, therefore do visit with any qualified loan officer(s), after reviewing your information a determination on qualification can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.
0 votes Thank Flag Link Wed Apr 27, 2011
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