Home Buying in Fairfield>Question Details

Tiegra02, Other/Just Looking in Fairfield, CA

My credit score is only 600 and majorly based on school loans and a car payment. what are my chances of being approved to buy?

Asked by Tiegra02, Fairfield, CA Thu Mar 22, 2012

Help the community by answering this question:


Hello Tiegra,

I urge you to work on improving your credit score . You may find some leneders that will grant you a mortage, but you will not get the best terms.

Keep in mind even FHA which has more liberal requirements than conventional still wants to see a FICO score of at least 640.

I am happy to hear you are desirous of buying your own home, I would really like for you to get a loan with terms and conditions that will allow you to KEEP your home.

Many buyers who lost their homes in the last bust bought homes they really could not afford, or they had loan with terms they could not really meet.

So, my advise is: get your scores up, so you can get a mortgage you can actually afford to pay month to mont year after year.

Much Success to you!

Kawain Payne, Realtor®
1 vote Thank Flag Link Thu Oct 11, 2012
FHA still allows down to a 580 Score to be acceptable to to 3.5% down payment financing through them. Your Best Rate will usually be achieved with a 620 or higher score. they are things you can do to set yourself up to get to a higher score. We can make suggestions based on reviewing your credit report or we have credit coaches who have a great track record of getting our buyers scores up for a very reasonable fee.
0 votes Thank Flag Link Mon Sep 10, 2012
There are other factors besides credit that determine mortgage qualification, such as income, total debt, etc.; therefore for a personalized answer do visit with any licensed loan officer. At the very least if you don't yet qualify, he/she may offer great suggestions as to what needs to be done; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Mar 24, 2012

I work with an agency that works with people with low credit scores to help them get approved. They do require you to take a class but it's worth it. If you qualify income wise, there should not be a problem. Good luck..and freel free to call or email me if I can be of further assistance.
0 votes Thank Flag Link Sat Mar 24, 2012
You are really smart to look at purchasing at this time. Rates are low, and prices are low. Some lenders will look at a 580 FICO score on an FHA loan. Feel free to call for more specifics if this is of interest to you. I would be glad to help you get approved.
(707) 580-1585
0 votes Thank Flag Link Thu Mar 22, 2012
Give Jai Ramaiya a call at 707-456-7334, she's been doing loans for 20 + years and has different programs out there to qualify you. I'm in the real estate business for 10 years. Normally they require a 620 fico, but it give her a shot.


Sameer Punjani
Broker / Owner
DRE # 01856690
0 votes Thank Flag Link Thu Mar 22, 2012
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