Home Buying in San Antonio>Question Details

Dan Gray, Renter in San Antonio, TX

Is a Professional with 627 credit score still considered high risk for a mortgage?

Asked by Dan Gray, San Antonio, TX Sun Jul 29, 2012

Unmarried Professional couple, both with credit scores in the 620's, on the mend with no bankruptcies, and minimal student loan balances currently in rehab and paid on time. Scores are tracked and validated monthly through Score Sense and Credit Karma. Relocating to San Antonio for both of our employers. We would really like to purchase, and have more than adequate income to do so, but have been told we don't qualify for a mortgage.

Help the community by answering this question:


Any loan officers in Columbus, Ohio that could get us a mortgage with 606 credit score? Bankruptcy discharged in 2008.
0 votes Thank Flag Link Wed Aug 1, 2012
Good morning Dan,

How many Mortgage Bankers did you sit down with to get Prequalified? Because 640 is the average credit score acceptable to most Lenders today, but there are Lenders who can approve you for financing with a score of 620.

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Your Mortgage Banker can recommend steps to take to help you improve your scores to 640 because you're not so far off the mark, it seems.

Also, this credit score tracking you refer to is generally not acceptable for mortgage Prequalification. Lenders will run their own credit reports using the Fair Isaac (FICO) system. Often these "other" credit scoring systems use a different scoring model and can vary greatly from an actual FICO score.

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Jul 30, 2012
Jeannette Batsikas is wrong.

Just because Jeannette got denied.... Doesn't mean you will.
I closed 2 loans this month between 620 - 640

Will you get APPROVED?
Who knows. You won't know until you apply.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Sun Jul 29, 2012
its true you don't qualify with that credit score your score is a "D", if it makes you feel any better my husband and I are in the same situation I understand how it feels, it stinks. BUT, look on the bright side keep saving and just wait it out. Because honestly if you were to get a house with that score your interest rate would be to the roof and that would mean high payments that could cost you everything you would want, a peaceful life without being a slave to a bank because of your credit score. I know you probably don't want to hear this because I know I didn't want to face the facts but in reality my peace is more valuable then payments that can put me over the hurdle. What seems like a set back could be a blessing, if you keep saving that means in the future lower mortgage payments. Remember everything is timing. I hope I answered your question, wish you the best! Jeannette Batsikas
0 votes Thank Flag Link Sun Jul 29, 2012
We have several benchmarks on the scores.
600+ = 10% down
620+ = 3.5% down. Rate/fees aren't quite as sharp
640+ = Very good deal
660+ = Same pricing as 800 credit scores.

Now, just because you credit qualify on scores..... Doesn't mean that you qualify on credit..... But you will likely be ok.

Let me know if you would like to talk further about your specific situation.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Sun Jul 29, 2012
Actually... your loan is not even a challenge. At a 620 score or better, you will qualify for a mortgage no problem....

Let me do you a HUGE favor... Go here: http://www.DHIMortgage.com/Kasey-Hampton - Kasey is able to get folks loans with scored down to 580.... She is the very best loan officer in Texas - bar none. You can thank me later :)

Shoot me a text, e-mail, or give me a call and I will e-mail you a very detailed list of all the homes that fit exactly what you are looking for. Easy as Pie!

Jason C Campbell
Option One Real Estate
0 votes Thank Flag Link Sun Jul 29, 2012
Let me show you the way to your New Home. yes I can help.
Thanks and Welcome to San Antonio.
Jose L. Novelo
0 votes Thank Flag Link Sun Jul 29, 2012

The issue of professional versus non-professional does not matter. Regardless of occupation (cardio-thoracic surgeon versus fry guy at McDonalds), the score was obtained the same way in terms of pay timeliness and debt ratios.

That being said, scores in the mid 620's are acceptable for a pre-approval as long as you understand that income, reserve funds, judgements, and many other factors go into obtaining an approval. Also, please understand that a person with a 620 will pay a higher interest rate for a loan than a person with a 760 for instance.

If you want to see if you qualify based on the total picture, the first step is to apply with a knowledgeable, local lender. It won't cost you a penny. Contact Lisa Warren at SWBC Mortgage to see where you stand. Here is her contact info:

Lisa Warren
Senior Mortgage Banker - SWBC Mortgage
NMLS# 227358
8400 Blanco Rd, Ste 100
San Antonio, TX 78216

She is super easy to work with. Let her know Darrell recommended her and whenever you are set to start your house hunting, I'll be glad to assist. Good Luck!

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-881-6760 (Fax)
0 votes Thank Flag Link Sun Jul 29, 2012
Don't take no for an answer. I have a loan officer that is working with 14 different mortgage companies

and she can get most people a loan with a credit score of 580 or above. You would need to have 3.5%

down for an FHA loan. Contact me and we can see what price she says you are pre-approved for.

Lynda Williams
Lynray Properties LLC
Email: LynrayProperties@gmail.com
0 votes Thank Flag Link Sun Jul 29, 2012
Hello Dan,

You most certainly should be able to qualify and there are several mortgage options for you to choose from.

I am available to help point you in the right direction in terms of finding the Mortgage that is the right fit for you and your family and finding that perfect home.

Please email or call me at your convenience.

0 votes Thank Flag Link Sun Jul 29, 2012
While you can get approved for a mortgage if you meet the other necessary criteria with a sub 640 credit score you are so close you really should work to get your scores up a little. I can get clients approved with scores between 620 and 639 but the terms are not as good as they could be if your credit was at a 640 or above. With FHA financing that will get you essentially the same rate as somebody with a credit score that is 100 points higher.

You really need to have a mortgage company pull your credit for you. Credit Karma and other similar companies use their own credit modeling system and I have found that your actual credit can be 20 to 40 points below what they tell you they are.

If you are ready to buy a home get with a mortgage broker like myself who has many different lender options. You also need to find somebody who will work with you and educate you on your credit. Right now you should be more concerned with what your actual credit is with a real credit pull and from there you need to make sure you are doing everything possible to keep your credit moving in the right direction.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Sun Jul 29, 2012
Don ~

I have had an "actual"mortgage company pull my report. I am a 627 with them as well. The company was Settlement One. My debt to income ratio is 7%, and I have made my direct focus to keep my revolving lines paid down below 30% usage. I have spent the past year insuring I am informed, and well educated in how to bring my score up to 700.

Thank you for your feedback.
Flag Sun Jul 29, 2012
Nonsense! I get people in homes with 600 credit scores all the time. Make sure you keep your credit above 600 and your good to go! Call me and I can give you more information about getting qualified . Also, when are you moving and where from? I think you will find that the cost of living in San Antonio is low compared to other cities you can get a great home here for much less than other states. I look forward to hearing from you.

Karen Watson, Realtor
Exit I-10 Realty

0 votes Thank Flag Link Sun Jul 29, 2012
Good Morning Karen ~
We both have made our credit a priority in the past year, and have made vast improvements on our scores. We are moving to San Antonio the last week of August from Pennsylvania. We are both native Texans previously from Dallas/Fort Worth.

Dan Gray
Performance Consultant
Hunt Eagleford Project
The REACH Group
(817) 948-9155
Flag Sun Jul 29, 2012
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