Home Buying in Baltimore>Question Details

Tonya, Renter in Baltimore, MD

can i buy a house with a 657 score?

Asked by Tonya, Baltimore, MD Thu Apr 19, 2012

Help the community by answering this question:


Hi Tonya,

Yes you can. The other major factor is your debt to income ratio. Can you afford a mortgage on top of your possible car loan, student loans, credit card bills, etc? You definitely want a mortgage professional to take a look at your credit report and determine your current financial situation. Contact me if you have any other questions.


Chi Yan
2 votes Thank Flag Link Thu Apr 19, 2012
Hi Tonya, 657 Mid score is a definate yes. Use the maryland Mortgage Program or CDA as it is also known, You can get $5,000 to use for your down payment or closing costs. Great program for the first time home buyer. let m eknow if I can help, not all lenders are approved to offer this program 1st Marinier may be an ok lender but they are not approved by the state of Maryland. Let me know if I can assist you. Good Luck
Web Reference: http://www.sotrustmtg.com
0 votes Thank Flag Link Sun Apr 22, 2012
Does Illinois have anything like the Maryland Mortgage Program ???

Flag Sat Sep 29, 2012

Your participation on Trulia convinces me you know what your doing. The big 5 banks need to exit
the mortgage business and return mortgage origionation to the local banks. I too have had conversations with former Countrywide and Bank of America loan officers. We could fill pages here on those discussions. Do you remember when "Savings and Loans" pretty much did all the loan origination?? That's the way it should be.

Good Luck
0 votes Thank Flag Link Sat Apr 21, 2012
That's good to hear Greg. Not a bit surprised to hear good stuff about 1st Mariner. In a way it's becoming not about the skill of the LO though that matters of course but about how many roadblocks lenders place in front of their loan officers. I won't name names but have heard candid things some larger banks LO's have to say off the record and none of them are good.
0 votes Thank Flag Link Sat Apr 21, 2012
Hi Tonya

There are a few things that will affect what you will be approved for your debt to income, you salary, & your credit score.
The best thing to do is talk to a lender to find out if you are pre approved and for what amount.
There are also many programs and grants that you can apply for in order to save money on closing costs.

I can recommend some lenders if you do not have one.

Heather Sand
Style House Realty
0 votes Thank Flag Link Sat Apr 21, 2012

Take Brent Mendelson advise, keep your loan process local. I have worked with loan officers from 1st Mariner Bank and they all were excellent.

Greg Myers
RE/MAX Realty Group
0 votes Thank Flag Link Fri Apr 20, 2012
Absolutely. Most lenders doing FHA and conventional loans require a 620. If anybody tells you differently, call me and I will put you with a lender doing 620's all day. The score is only one part of qualifying. The other two parts are income and existing obligations. Good rule of thumb: you can afford a home equal to 3 times your annual income, plus or minus depending on debts. A good loan officer can nail it down precisely after an interview. You will need 3.5% in cash and can offset all or part of that with gifts from qualifying persons and grants.

Bob McGee
Advance Realty Timonium
(410) 560-4574
My Blog: http://www.baltimorerealty.blogspot.com
0 votes Thank Flag Link Thu Apr 19, 2012
Absolutely you can buy thru FHA financing. You will need 3.5% down payment of your money and can have seller pay for some of your closing cost.

Thank you.
0 votes Thank Flag Link Thu Apr 19, 2012
Yes you should be able to do so. All lenders go off the middle score. There are three scores typically. You need a mortgage lender to pull your score, explain it to you and see that everything is in order. That's the first step. I'd be happy to talk and explain the process and answer your questions. Hope this was helpful. One last piece of advice, talk to LOCAL lenders first before trying any of the big national chain lenders. 1st Mariner is a local Baltimore lender.
Brent Mendelson
1st Mariner Mortgage
Nmls #111407
0 votes Thank Flag Link Thu Apr 19, 2012
yes, call for more help 801 872 4461
0 votes Thank Flag Link Thu Apr 19, 2012
You can buy a home with a 657 (actually some lenders even still lend below 600) but it may be more expensive than if you had a better score depending on the type of loan you will use. It would make sense to review your credit to determine if there are things you can do to improve the score if possible. Sometimes small tweaks (e.g. paying down a balance, paying off a card, transferring a balance, opening a secured card) can improve your score.

It is best to speak with a lender BEFORE you do anything. Some things you think will help (like paying off collections) may actually hurt your score rather than help it!

Warm Regards,
Bridget "Maryland Mortgage Mama" McGee
CrossCountry Mortgage, Inc.
NMLS 196068
0 votes Thank Flag Link Thu Apr 19, 2012
You should be able to, but I would recommend you contact a local lender to advise you. I have had many clients with that score area purchase a home. I would strongly encourage you to look into that option. Best of luck becoming a first time home buyer in Maryland.

PS- there are many incentives to being a first time home buyer in this state
Web Reference: http://heidiWeaver.lnf.com
0 votes Thank Flag Link Thu Apr 19, 2012
Absolutely, Tonya!
I would more than glad to sit down with you and explain to you step-by-step what it takes to purchase a home in this market. Please contact me at your earliest convenience.
I am here to assist buyers like you! Email me, text me or call me.

Best Regards,

Jackie Ovad, REALTOR®
Prudential Homesale YWGC Realty
Email: homes@jackieovad.com
☎410-921-0166 (Direct)
410-599-9305 (Cellphone)
My website: http://www.jackieovad.com
0 votes Thank Flag Link Thu Apr 19, 2012
Hi Tonya,
The answer to your question is, it depends. You really need to talk with a national lender that does mortgage lending for folks with less than a 660 credit score. It depends on whether you have had any late payments over the last year, if you have any judgements or liens on your credit. Do you have down payment or do you need some assistance? There are many factors at play. I would be happy to refer you to a lender than can help you straighten out the maize of the mortgage lending industry and then assist you in the purchase of a home for you.
June Piper-Brandon
Associate Broker
Century 21 New Millennium
0 votes Thank Flag Link Thu Apr 19, 2012
Yes! When is your lease up?
Contact me asap
0 votes Thank Flag Link Thu Apr 19, 2012
Hi Tonya, yes you can but there are also other factors involved. You need to talk to a professional mortgage lender who will analyze your entire credit, debt, income etc. to give you an answer. Then you can contact me to pursue the purchase of the proeprty.

Jim Mikula
Long and Foster Real Estate,Inc.
0 votes Thank Flag Link Thu Apr 19, 2012
Absolutely Tonya! Many lenders will consider a 620 score or better to be considered for a mortgage at a decent rate. There are a few other things to consider though. Give me a call and we can talk about your options.


Edith L. Chandler
443-632-3000 Office
443-731-6257 Cell
443-632-3908 Fax

0 votes Thank Flag Link Thu Apr 19, 2012
Credit score? Yes.
But........there are factors that may or may not allow you to purchase a home. It is best to find a good lender, someone who specializes with first-time home buyers and move forward from there. Keep in mind that you credit score is only part of the equation. Also, if you get the right lender, he/she may assist you in bringing your score up even more. Your credit score is going to have an influence on your interest rate among other things.

Hope that helps.
0 votes Thank Flag Link Thu Apr 19, 2012
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