Home Buying in Philadelphia>Question Details

Lisa, Other/Just Looking in Philadelphia, PA

My credit score is 602 will I e able to secure a mortgage?

Asked by Lisa, Philadelphia, PA Fri Aug 7, 2009

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If your middle score is 602 you may be able to get a FHA loan, but the rate/cost will be about 1/2% higher. Check your report to see if any of your accounts can be paid down under the 50% level. If so try to have your credit report "rescored". That may raise your score. Good luck
0 votes Thank Flag Link Wed Aug 12, 2009
Hi Lisa,

You should start by calling different lenders to see if there are any that are willing to work with your score. Also lenders take the middle score number from the three credit reporting agencies. So the one that you have my be your lowest of the three or it may be the highest. A lender will best be able to tell you exactly where you stand and a GOOD lender will recommend how to reach the targeted number to get you approve.

Good Luck.

Samantha Weekes
Exit Realty "The Tri-State Group"
215-687-2629
0 votes Thank Flag Link Wed Aug 12, 2009
Hi Lisa,

How are you? To answer your question, many lenders today require at least a 620 credit score in order to get pre-approved for a mortgage loan. However, if your score is only 602 and you only need an additional 18 points, I am sure there are ways for you to increase that score by paying off certain loans/debts that you currently have and I am sure a Mortgage Loan Officer is able to assist you with that. My Century 21 office is actually affiliated with a mortgage company which is pretty reputable and have assisted many buyers to increase their credit score over a period of time which allows them to secure a loan. If you like me to refer you to one of our Senior Loan Officers and they can help with you further with this, I'd be more than happy to do that for you.

If you have any questions or are interested in getting some information on some properties, please feel free to email or call me.

Have a great day!

Sincerely,
Phong Lam
REALTOR®
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
Phong.Lam@c21ag.com
http://www.c21ag.com
0 votes Thank Flag Link Sun Aug 9, 2009
Hello Lisa! I know Bank of America giving loans on credit scores under 620 and even possible at 590.

I hope this helps you. But, I would get associated with a Buyer's agent before you start the home buying process..this way they can help you through the entire process.

I hope this helps.
0 votes Thank Flag Link Sat Aug 8, 2009
Hi Lisa: Yes, you should be able to secure a mortgage with a 602 score. Many lenders are doing loans with 580 scores. Please give me a call for more details. If you're a first time homebuyer, time is running out to take advantage of the $8000 tax credit, so you should get started now.


Carol McCann
Remax Millennium
267-970-3952
0 votes Thank Flag Link Sat Aug 8, 2009
Hi Lisa

I have a lender that may still do 580. I would like for you to contact me so I can give you the number.

Thanks
0 votes Thank Flag Link Fri Aug 7, 2009
you should work on your credit to reach 620 as in today's market, lenders ask for a minimum credit score of 620.. With a score of 620, you can apply for FHA loan and if you are planning for a conventional loan, you need to have a credit score of 680+... Some lenders can work with you with a score of 602, but they can charge you high interest rates...

For further assistance you can visit:
0 votes Thank Flag Link Fri Aug 7, 2009
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