Home Buying in 20774>Question Details

Valerie Page, Home Buyer in 20747

What is the minimum credit score you can have to qualify for a home loan. I heard with the FHA or Hud homes you can qualify with a lower score.

Asked by Valerie Page, 20747 Sun Dec 16, 2012

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9
I have buyers living in their homes that were "Approved" by direct lenders this year with middle scores of 604 and 617, They has other compensating factors that enabled the loans to be granted.

Greg Myers
RE/MAX Realty Group
1 vote Thank Flag Link Sun Dec 16, 2012
You can qualify with a score lower than 640. But most lenders who will do it with a score less than 640 are going to require you to put down at least 10%. Good luck to you.
1 vote Thank Flag Link Sun Dec 16, 2012
WIll they allow down payment assistance ? I see some programs give you up to 7% down. That would leave me with the other 3% to put down which wouldnt be to bad.
Flag Sun Dec 16, 2012
Let us know if you are interested in talking about credit repair. We have more information on our website at http://www.BuyBaltimoreProperties.com/credit-repair. Also, feel free to email us at info@BuyBaltimoreProperties.com.

We have helped numerous people raise their credit scores to where needed to qualify for a loan when all they needed to do was raise their scores to qualify.
1 vote Thank Flag Link Sun Dec 16, 2012
Hello Vslumpkins%40hotmail.com,


How are you doing? Hope all is well. Sorry I didnt get a chance to reply back to your response. Now I know this has been a little over a year old but what happened. Did you evenly buy a house for sale in Upper Marlboro MD? And if so how much? Also how long did it take? Please share your story. Sharing your story will help people who are in the market to buy or sell and are frustrated with the process.

And if you know anybody who is in the market to buy,sell or invest in Real Estate,I would be more than happy to help. Wishing you and your family a Happy and Prosperous New Year. And give me a call or text me at 202-378-0283 if you need any assistance pertaining to Real Estate. Take care.
0 votes Thank Flag Link Tue Dec 31, 2013
Generally 640 is the cutoff. We do them as low as 600 but the rules are tighter for approval. Other lenders do them lower than we do but the lower the score the lower the chance for success. It's possible but there needs to be other strong factors such as income or down payment. Current collections, judgements and recent late payments are not going to be allowed in most cases. You really need a clean payment history for the last year to have a shot with most lenders. Hope this helps and please let us know if you need more info,

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Wed Jan 30, 2013
Lenders are tightening up on the requirements. The lowest is 640.
0 votes Thank Flag Link Wed Jan 23, 2013
I've seen lenders advertise as low as 620 but in general you must have 640 or more. You'll also need a solid debt to income ratio and adequate income for the price range in which you are purchasing.
0 votes Thank Flag Link Sun Dec 16, 2012
The minimum is 640, some are saying that they might be able to do something for you at 620. There are numerous programs available to individuals that can help with down payment assistance. It is always best to get with a mortgage loan professional that help you begin the process and ensure success. If you want to know of several that are very good please inbox me and I will be happy to send you some referrals.

As you begin the process often buyers want to see what is available in the marketplace. You can search like an agent on my site for free. Please let me know if I can be of further assistance.

All the Best!
0 votes Thank Flag Link Sun Dec 16, 2012
Hi Vslumpkins,


Typically, it is a minimum of 640 now with a few exceptions. if you are interested in some homes or qualifying give me a call.
0 votes Thank Flag Link Sun Dec 16, 2012
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