Home Buying in Austin>Question Details

Lou, Other/Just Looking in Austin County, TX

can i buy my first home with a credit score of 616?

Asked by Lou, Austin County, TX Mon May 31, 2010

Help the community by answering this question:


Hi Lou,

Yes you can! Many factors are looked at when seeking approval for a home loan, but you can get a loan with as low as a 580 credit score. We regularly work with clients who are able to secure a loan with a 580 credit score. We have amazing rates right now as well. If you'd like more info or assistance with getting financing and looking for your first home, I'd be glad to help you, no pressure. Feel free to give me a call anytime!
Web Reference: http://www.TeamWestRE.com
1 vote Thank Flag Link Mon May 31, 2010
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
0 votes Thank Flag Link Wed Jul 31, 2013

Here are your option in order of credit score being the key factor:

1) Pay cash - credit score not a factor
2) Owner finance - credit score may not be a factor here either
3) FHA

If you need some recommendation for an excellent mortgage banker feel free to contact me.
0 votes Thank Flag Link Sat Jun 12, 2010
The previous answers are good. The best thing to do is get with a seasoned lender. You may be able to finance a home thru FHA/VA or possibly thru USDA (in the near future). As a mortgage professional, I will work with you to see if you can qualify. If you can't at this time, I will give you a plan to get to the point that you can. Without a plan that you can and will work, you will continue to flounder. This will not cost you anything. We get paid when we close the loan on your home.

Good Luck,

0 votes Thank Flag Link Thu Jun 3, 2010
Hi Lou,
Good day to you. To be specific yes you can BUT it will take some work , time and expertise. It will also depend on some other factors- employment, income, cash reserves, etc. In short, you need the help of professionals to guide you through the process. A mortgage professional can help structure the loan. A Real Estate professional can help guide you through the process of identifying the RIGHT home for you.

I would encourage you to vist our website at http://www.CornerstoneNewHomeSolutions.com where you can search for homes via several search engines. You can also find valuable information for 1st time homebuyers. We are a full service company and have worked with 1st time buyers for over 26 years. We know what you need and how to get you there. Owning a home is a dream come true. Feel free to contact us if we may be of service.

Stephen B. McClain, Broker /Owner

Cornerstone New Home Solutions
512 876-3116
0 votes Thank Flag Link Tue Jun 1, 2010
It is quite likely that you could get a loan. Sometimes the "score" you can get online is generated with different information than a lender will use so it may vary. I'd be glad to help figure it out with you. This forum won't get you where you need to go to get this answer.

Contact me directly & I'll guide you through all the steps necessary to get you in a house.

0 votes Thank Flag Link Mon May 31, 2010
Hello Lou,

You possibly can. Most lenders require a minimum 620 mid credit score. I am also a mortgage broker and a Realtor. Because of this I am unable to originate FHA loans and that is what you need. I do partner with an FHA lender that can do loans for individuals with credit scores as low as 580.

Keep in mind there are additional requirements when your scores are below 620 but it is still definitely possible. I would need to know some additional information to see if you would qualify or if we would need to work on some things first. Please feel free to give me a call or email me if you would like to discuss this further. The good news is that with a 616 credit score your rate would still be under 5.25% with the current interest rate environment.

Best of luck to you.
0 votes Thank Flag Link Mon May 31, 2010
You sure can, however through a traditional lender it can be a bit more difficult. A large enough down payment can usually cure most credit challenges but other financial factors will come into play.

You can opt for an owner financed home where credit isn't that big a factor (depending on the owner financing you). Go to http://www.FlorenciaProperties.com to see a list of owner financed homes available now. Credit is not a big factor there.
0 votes Thank Flag Link Mon May 31, 2010
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