Home Buying in Rome>Question Details

Amy, Home Buyer in Rome, GA

can i get a home loan with a 600 credit score? i have $15,000 to put down.

Asked by Amy, Rome, GA Mon May 7, 2012

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Yes you get a home loan now. I work with a lot of client's who have less than perfect credit. I tell all my clients to visit The Lenders Network, I have seen home loan approvals and actually closed from them even with scores under a 580. So if anyone can get you a loan they can..
2 votes Thank Flag Link Wed Jul 10, 2013
Thank you
Flag Wed Mar 5, 2014
Yes Amy, You certainly can, but there are other factors that lenders look at as well. I have personally worked with home buyers whom had lower scores and have gotten qualified without a problem. Your best luck in getting pr-approved is to contact a mortgage lender. If you have a bad score, do not try to get pre-approved at a big bank because they are stricter on credit scores and most likely, you wont get approved and you"ll have another HARD inquiry on you credit score. Speak with a Lener and if you don't qualify, don't get upset. Learn what it is that you have to do to be able to buy in the near future! Good Luck!
0 votes Thank Flag Link Wed Jan 7, 2015
Good morning Amy,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

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0 votes Thank Flag Link Thu Jul 11, 2013
Not surprisingly, for all credit scores a larger down payment significantly improved the odds of getting approved. Is very important to shop around for a mortgage lender, particularly when you have disminished credit or can not come up with a large down payment. Be aware though, that such loans may very likely involved higher closing cost and interest rates than mortgages for borrowers with better credit score.

Best of Luck,

Maria E. Cipollone

0 votes Thank Flag Link Tue Sep 11, 2012
Some lenders will do loans with less than 620 credit score. There's usually some pretty strict criteria but they're out there, at least as of when I write this. If there's something simple on your credit that could be corrected, that may get you to the 620+ range really easily.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Tue Sep 11, 2012
Call me I will do a owner finance with money down.



0 votes Thank Flag Link Mon Sep 10, 2012
You will need at least a 620 credit score. The only other option is to do a lease purchase. However, that can be tricky if the owner doesn't pay the mortgage company you are out. The best option is to pay off what ever you can. Increase your credit score and get a regular mortgage.
0 votes Thank Flag Link Mon May 7, 2012
For an FHA mortgage, most lenders require a 640+ credit score. Prospect Mortgage is one of the few direct lenders that also offers an FHA 580-639 FICO loan program. Credit profile is a mojor factor in a mortgage approval.

Getting Pre-Qualified is the only way for you to find out your options.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Mon May 7, 2012
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