Home Buying in Charlotte>Question Details

Evett.porter, Renter in Charlotte, NC

Is it possible to obtain a mortgage loan with credit score below 620?

Asked by Evett.porter, Charlotte, NC Thu Nov 15, 2012

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Also, you must remember that your credit score is only one piece of the qualification puzzle. Lenders will also consider your debt to income ratio, your employment history, your bank balances, as well as any negative information on your report, such as judgments or collections.
1 vote Thank Flag Link Fri Nov 16, 2012
Absolutely. We have some that can go as low as 595
Chip Fisher (HGTV House Hunters)
0 votes Thank Flag Link Thu Feb 21, 2013
Good afternoon, Jonathan:
Are you still in the market? If so, while minimum credit score requirements have risen at many lenders, we still can find financing at 600+ middle credit if you meet the criteria in the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" http://goo.gl/5RG3w If you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .
0 votes Thank Flag Link Thu Feb 21, 2013
Good morning, Evett
If you read the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" and meet that criteria, you can probably get a mortgage as long as your middle credit score is over 580. if you are interested, please contact through profile. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. Id be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Thu Nov 29, 2012
It all depends. I have the right connections for your situation. I know i can work with buyers with middle scores as low as 580. Of course, each case is different, but as recent as yesterday i close on a deal were buyer did have a low score. Contact me and i will refer you to right lender.
0 votes Thank Flag Link Fri Nov 16, 2012
Another thing to keep in mind if you do pursue a mortgage with a credit score less than the minimum FHA requirements is that you may be required to have a larger down payment. I agree with some of the other posts - it is usually easier to bring that score up (get a secured credit card from your bank - this should help boost your score) and then be extra careful with all your bills as you move forward. Do not take out any more revolving debt (such as department store credit) - even when they offer you the "Want to save an extra 10% today on your purchases?" Having more store credit cards will likely adversely affect your credit score, but a secured credit score may help. Best advice: bring up your score whenever possible!
0 votes Thank Flag Link Fri Nov 16, 2012
Hello Evett. Yes, with a 620 credit score, you can qualify for a mortgage. You may not be able to get the historically low rates of today, but you will still be able to obtain a mortgage loan. You must also be able to provide proof of income and steady employment. Usually, you will also need to provide W-2's for the past two years.

I suggest you discuss more with a Mortgage Representative at your local bank. Check out current rates, and learn about the different financing and mortgage options out there.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Thu Nov 15, 2012
Yes, but the easier way and is to get the points up. This will save you on a higher intrest rate. We can help with information that will normally raise your credit scores up 20 to 45 points fairly quickly. It will all depend on what is hindering your credit at this time. We will do a evaluation for free if you are interested.




Thank you,

Peter Contastathes
Owner/Broker
Forward Realty
704-439-6253
http://www.newnchome.com
0 votes Thank Flag Link Thu Nov 15, 2012
Evett,

generally yes.... I work with a mortgage lender who has approved with score as low as 600 on a FHA loan before meetign the minimum requirement for an FHA loan. There is more to getting a mortgage though than just your score.

The banks are looking at your credit as well. They want to see if you had any lates in the past 12 months. Any charge offs in the past few years, unpaid doctor bills and payment history as well as revolving credit to available balances.

If you are below a 620 but pay your bills on time I would advise you calling the mortgage broker I use to see if he can get you approved for a mortgage. his name is Chris Ayer. his cell phone number is 704-771-3954. He will be able to tell you almost instantly what he can and cannto do to help you out.

Dave diCecco
Realtor/Broker
Coldwell Banker United
http://www.davedicecco.com
0 votes Thank Flag Link Thu Nov 15, 2012
(Appeared on HGTVs House Hunters)
Yes as low as 580. Would love to help you out!
0 votes Thank Flag Link Thu Nov 15, 2012
You have to speak to a lender, but most of the time there are guidelines that allow some banks/lenders to do manual underwriting for scores as low as 580. They have very tight guidelines like providing 12 month cancelled rent checks, no late payments in the past 12 months, etc... if you need to speak with a lender who can assist, just let me know. I am not a lender I am a REALTOR, so i can not give you any specific advise only what I have had happen to my clients in the past. This lender has even given a loan to a bankruptcy and short sale situation clients. but again they are very tough to get but not impossible.
0 votes Thank Flag Link Thu Nov 15, 2012
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