Home Buying in 78745>Question Details

Homebuyer, Home Buyer in 78745

My credit score is 615 am i still able to buy a home? My lease is around $1000.00 per month and have never been late

Asked by Homebuyer, 78745 Sat Oct 30, 2010

Help the community by answering this question:


There are a select few lenders willing to go down to a 600 score sometimes lower. I would recommend The Lenders Network they have helped several of my clients with lower scores get approved.

Good luck!
2 votes Thank Flag Link Wed Aug 21, 2013
Do you have 20% down payment saved for your purchase? Do you have a strong job? Look into your credit and see if there is anything small that you can "fix" which often times raises your score 10-30 points? Often times someone else's info is on your credit, it might be something as od as having similar name and they had a bank account closed in highschool or something but it shows up on your credit. Truth be known i have seen this happen on a handful of buyers i have helped over the past decade...od but it happens. take the time and look at yours you might be able to improve credit. Here are a couple good Blogs for you to read.

good luck to you. very exciting time for you!!
1 vote Thank Flag Link Wed Apr 20, 2011
Homebuyer, truth is, nobody can say yes (or no) by just knowing your credit score and lease history alone. A lender needs to look at job history, debt to income ratio, etc. I do have GREAT lenders who can look at your situation for free and let you know EXACTLY where you stand AND what assistance programs you may be able to take advantage of. Also, if your score needs to come up a bit for a better rate, I have credit counselors who will also look at you situation at no cost to you. Please click on my name to the right, assuming you are not already working with a Realtor, look over my credentials, client testimonials, etc., and contact me if you'd like some good, free Buyer Representation!! Thanks, Joe Jarusinsky, REALTOR/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Co. AND Voted No.1 by Buyers too!! (JD Power & Associates)
1 vote Thank Flag Link Sat Oct 30, 2010
Hi Homebuyer,

Most lenders need a 640 score. Though some still work with 620.... but that is disappearing.
Do you have any credit card debt that we can pay down? That might be enough to boost your scores to 640.

Here is a link to how credit works. Free E-book.... no sign up.

Let me know if you have any questions.
I can also refer you to a good realtor there as well if you need one.
1 vote Thank Flag Link Sat Oct 30, 2010
There are many factors a mortgage lender will consider. Credit score is the primary factor, and a credit score of 615 is considered low, but it is not impossible to obtain a loan with that score if other qualifying factors are good. The best advice I can give you is to speak with a mortgage broker that work with many lenders.

0 votes Thank Flag Link Fri Aug 9, 2013
Good afternoon Homebuyer,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jul 17, 2013
More than likely you will need a 640 credit score.
0 votes Thank Flag Link Fri Apr 22, 2011
I have some great lenders that I work with that may be able to help you. I noticed your question was originally sent last fall. Is it possible that you're at 620 or above now? If you're at 620, haven't had any late payments in the past 12 months and have been at your job for at least two years, you're close! 512.423.1349 is my # if you'd like to call me. I'm in Austin. 512.423.1349
0 votes Thank Flag Link Thu Apr 21, 2011
I should be able to help. We are located in Arizona. If you paln to buy a house in Arizona, feel free to giv eme a call at 602-459-1779. email: jallee@firstamericanaz.com

0 votes Thank Flag Link Thu Apr 21, 2011
Dear Homebuyer:
I have a lender that might do the loan. I will need to see your credit report and make sure that you have what we call is a Tri-Merge. That is a credit report with all three reporting agencies. I can do that "no charge." I will need your social security number and your address and DOB. Your current income and the amount you have for down payment. If you are willing to provide me that information, we can get started.
0 votes Thank Flag Link Thu Apr 21, 2011
The best advice is for you to speak to a lender. Your score is very close to the current minimum in my area. A good lender will be able to make lots of useful suggestions concerning your getting prepared to buy.
0 votes Thank Flag Link Thu Apr 21, 2011
There are many factors involved with the preapproval process. Best if you speak with a loan professional. Please let me know if you need a recommendation.

David Akram
Realtor, DRE# 01891274
Century 21 All Moves
Contact: http://contactme.davidnewhome.com
Web: http://www.DavidNewHome.com
Blog: http://blog.davidnewhome.com
FREE Monthly Newsletter: http://
Web Reference: http://www.davidnewhome.com
0 votes Thank Flag Link Thu Apr 21, 2011
There are many variables and to get a good answer to your question you need to consult a mortgage broker to help you figure out what you need to do in your situation. I have heard that the minimum score is 640, so with a mortgage brokers help you could decide what you need to do to get your score up. Also you need to have specific debt to income ratio, again a mortgage broker would be able to help give you the straight skinny. If you are serious about buying a home you need to get prequalified for the loan so you need to speak to a mortgage broker. I am a realtor and I am sure anyone in any related business will tell you to speak to a mortgage broker....did I say that enough...speak to a mortgage broker and get prequalified.
Web Reference: http://www.ronflhomes.com
0 votes Thank Flag Link Wed Apr 20, 2011
Many Variables come into play when your contemplating a home purchase. How long have you held your current job is still pretty important as well as your credit history. How many credit cards you carry or have applied for, if you have bought a vehicle or anything of great value can change your #s. Its always best to contact a lender that you feel comfortable with to find out if your are in the right position to handle financing a home and how much you should plan on spending.
0 votes Thank Flag Link Wed Apr 20, 2011
If you are a first time home buyer, you could go FHA financing, but you would need a 640 minimum. I have USDA homes that require a 620. It might not be as bad as you think. We might be able to pay something off, reduce a credit card payment etc... My lender and I have worked together for the last 17 years and has the means to help clear up alot of things on your report. Please feel free to call me at anytime to discuss.
0 votes Thank Flag Link Wed Apr 20, 2011
My Reccomendation is to meet with a loan officer and review your options. Sometimes a few modifications can place you where you would like to be !
0 votes Thank Flag Link Wed Apr 20, 2011
Income amount minus your bills. How much can you afford for your mortgage payment will tell what price range you can afford.
0 votes Thank Flag Link Wed Apr 20, 2011
You get the same rates with Wells Fargo for fha loans with a 600 score and a 700 score.
Web Reference: http://www.genedru.com
0 votes Thank Flag Link Wed Apr 20, 2011
Wells Fargo will go down to a 500 on a fha purchase but the min. down paymetn will be increased to 10%. With a 615 you can buy with 3.5% downpayment, as long as you dont have recent negative credit. Please visit my website to apply online.
Web Reference: http://www.GeneDru.com
0 votes Thank Flag Link Wed Apr 20, 2011
Hi Homebuyer!
I just came across your question. Are you still looking to buy a home?

I have helped many buyers in your situation buy a home. If you are still looking I would be happy to help.I have several Lenders and Credit Repair specialists that I work with that I can refer you to.

All the Best!
0 votes Thank Flag Link Sat Apr 16, 2011
It is possible to get an FHA and a USDA no money down loan done down to a 600 credit score but I would advise you to get your scores above a 620 first like Eric and Scott suggested. Paying down revolving accounts is the quickest way to improve your scores since they have the most impact as opposed to other types of credit. It can take up to 30 to 45 days for that to reflect on your scores but I can show you how to get it done in 3 days or so.

Also, if you are serious about buying a home then the best advice I can give you is to go through a comprehensive pre-approval process before you start looking at homes. Over 65% of loans that are denied were for reasons that could have been addressed during the pre-approval process.

If you would like more details please contact me at your convenience. Thank you.

Elliott R. Oliva
Mortgage Planner
NMLS # 353884
TX lic. #81573
Elite Financing Group
1221 S. Mopac #330
Austin, TX 78746
512.825.8309 phone
512.233.2550 fax
“Se Habla Espanol”
0 votes Thank Flag Link Mon Nov 8, 2010
Agree with Eric, send your income documenation to a mortgage lender in order to get a credit pre-approval prior to doing anything since your score is close to the bottom threshold. Some lenders can only go down to a 640 minimum FHA, while others have avenues down to a 600 score. Between a 600-619 FICO you WILL pay a premium in the form of a higher interest rate as the lender views you as a riskier loan candidate. Your at a fork in the road, do you wait to get over a 620 credit score and get a better rate OR do you have to make a move now which would be more expensive for you in the long run? I suggest going to http://www.annualcreditreport.com to examine any negative credit items first which might be easily protested and fixed, then second, keep paying your bills on time and third try to lower your outstanding credit card debt to no higher than 19% of your available credit for EACH card (ie. max balance of $190 per $1,000 in credit). This should get you above a 620 fairly soon.

Hope this helps.
0 votes Thank Flag Link Sun Nov 7, 2010
Most lenders are using the 620 benchmark currently, but there are some out there that are going lower on an FHA purchase. I will say if you pursue the loan before you get your score moved up to 620, proceed with caution. Ask for a full credit approval, and do not put money into escrow based upon a prequal. What this means is that an underwriter is going to pre-underwrite your file so there will be no surprises at the end. The lenders that are funding sub 620 fico scores are overburdened with sub 620 production and want, (as all lenders do), to have their average fico on their production to be higher. So, what they do is take only the best sub 620's and underwrite them vigorously and if anything comes up that negatively impacts your file, it will be an issue that they most probably will not be able to get past. My advice to you would be to work on the score get it over 620, and then your options will increase significantly.
0 votes Thank Flag Link Fri Nov 5, 2010
Credit scores fluctuate all the time and even lenders don't know how it really works. It depends too on where you got your score - on your own or from a lender. I know at Coldwell Banker our mortage department can do loans with lower scores than other companies. You nee to talk with a lender on ways to raise your score, there are many ways you can do that. Let me know if you want a referral to a lender. Good luck to you in your home search.
0 votes Thank Flag Link Wed Nov 3, 2010
Good news! Yes, you can, call me for details!
0 votes Thank Flag Link Tue Nov 2, 2010
The lowest credit score that I can help you with is 620. However, I would need to visit with you and review what is are reasons and their age for your score. I will be happy to visit with you on the phone or in my office; but, of course, this is not the medium to do any more than that.

I wish you the best.

0 votes Thank Flag Link Mon Nov 1, 2010
Go and speak with a mortgage professional. Only they can tell you if you qualify... if not they can also get you moving in the right direction so you can qualify in the future. You need to make sure you are doing the right things credit wise. Are your scores moving up or down and why?

Find somebody who will take the time to discuss your issues and help you improve your situation.
0 votes Thank Flag Link Mon Nov 1, 2010
That's a hard one to answer with just one score. Lenders use a median score based on 3 credit bureaus.... there are also a number of other factors that go into determining what loan amount you qualify for. A 615 is below the FHA guideline requirement (640) but that's not the end of the world. The best thing to do is have a qualified loan officer sit down with you and look at your situation.

Lennar Homes in Austin offers a one stop shop for you - lending, building, and closing. Our in-house lender and title company make your home buying process seamless.... from step 1 to step across-the-threshold! Please feel free to contact me for more information on Lennar or to be contacted by our lender!
0 votes Thank Flag Link Mon Nov 1, 2010
yes, of course you can still buy a home with a 615 credit score.
how much money do you need to borrow?
Email: Shawn@ShawnMon.com
0 votes Thank Flag Link Sun Oct 31, 2010
Don't be in a hurry. Renew your lease, and use the next twelve months to get your credit score up before home prices and interest rates start to rise. You probably have a year to do that. You will "waste" another year of rent. But you will pay less up front cost for your loan, and MUCH less of the life of the loan, if you start with good mortgage terms which only a good credit score that gives you.

You have the best opportuniy in living memory to do this right now. Good luck!
Web Reference: http://BlackSheepRealty.com
0 votes Thank Flag Link Sun Oct 31, 2010
The figure I keep hearing from lenders for FHA financing is 620. Your score is so close there are probably a few things you can do to tweak it a bit. You should be working with an experienced lender who can tell you what you need to do.
Web Reference: http://MintProperties.net
0 votes Thank Flag Link Sat Oct 30, 2010
Good Afternoon Future Home Buyer,

You are close! There are many determining factors in qualifying for a home. There are also a few things we may be able to do to raise your score to qualify and I can introduce you to some home buyers assistance programs if you qualify. Please give me a call I would be happy to assist you in finding a home. You can reach me anytime (512) 758-5690
0 votes Thank Flag Link Sat Oct 30, 2010
I think some lenders will work with you depending on additional factors. Please feel free to contact me for some lender references. I do most of my work in South Austin(78745), and I think(as I have discussed on previous posts) that it is the best area for investment in Austin.

Please feel free to contact me anytime.

Steve Nusinow
0 votes Thank Flag Link Sat Oct 30, 2010
Most definitely. We close with credit scores under 620 all the time. A few lenders have raised their credit minimums to 640, but 615 works all day long (assuming job stability is there, no recent lates, etc...).

With historically low rates, an abundance of inventory and motivasted sellers, and low to no down programs 1st time buyer programs, now is an awesome time to buy.

Get your FREE ebook "7 Reasons Why Now Is a Great Time To Buy A Home!" -Take an unfair advantage... A Smart Buyer’s Guide to Seizing the Market! This new ebook is published by Keller Williams University.
Go to http://www.RealNetTeam.com "click" on free ebooks and reports. or call me at 512-507-1202 -Dave Baird
Web Reference: http://www.RealNetTeam.com
0 votes Thank Flag Link Sat Oct 30, 2010
The short answer is maybe not. FHA loans are going to raise the minimum score to 640 starting next Thursday. The are so many questions to answer beyond the "credit score." Give me a shout directly so we can have an indepth discussion of where you stand and what can be done.

Bill 512-709-6343
0 votes Thank Flag Link Sat Oct 30, 2010
If you keep your credit cards @ 19% and do not make any major purchases, and pay all of them on time, it can pull your score up between 11 to 28 points in 30 days. A USDA loan, if you qualify, will allow you to buy a home with 0 down, and no property mortgage insurance. I am an affordable housing specialist, and would love the opportunity to help you get qualified, and find you a home. Please feel free to call me and I can explain some of our programs to you. My # is 512-294-9583
0 votes Thank Flag Link Sat Oct 30, 2010
The way to find out is pre-qualification with a lender. Please contact me and I will refer you to a local lender I work with for a free, no-obligation pre-qualification. It takes about fifteen minutes and he can do it over the phone.

You are very close to the credit score you will likely need, if you don't qualify now you could probably improve your score in a short time and this lender will tell you what you will need to do. We can all work together to get you into a new home!

Merritt Burks
Web Reference: http://mgburks.com/
0 votes Thank Flag Link Sat Oct 30, 2010
I think it depends. You might be able to buy a home but you will need a decent down payment and you may want to work closely with a mortgage broker and a realtor. Every situation is different and its never out of the question. My advice: Why is your score so low? Have you corrected the problems that brought you to that score? How would buying a home increase your outgoing expenses and where will that put you in the short and long run. You can start building toward buying and doing whats necessary to help your situation improve. Thats just common sensibilities. You never know unless you try.
0 votes Thank Flag Link Sat Oct 30, 2010
Much goes into qualify for a home.

It is undetermined where you received your credit score WHICH could be a different score than a mortgage score. These sites on web for credit scores can mislead many truth of matter.

Best contact a mortgage broker who can review your financials

Direct Link of all required to qualify for a loan


Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Oct 30, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Travis County > Austin > 78745 > Home Buying in 78745 > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer