Home Buying in 17403>Question Details

Mundofijo1, Home Buyer in 17403

i have a 615 credit score will i get a mortgage

Asked by Mundofijo1, 17403 Sun Feb 5, 2012

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9
There are a select few lenders willing to go down to a 600 score sometimes lower. I would recommend The Lenders Network they have helped several of my clients with lower scores get approved.

Good luck!
3 votes Thank Flag Link Wed Aug 21, 2013
Good afternoon Mundofijo1,

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.
http://www.consumer-action.org/

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.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jun 12, 2013
Look at your three credit reports. Closely. If you haven't already. You can pull your credit for free at annualcreditreport.com the scores are extra. Are you carrying high balances on your credit cards? Are there lates being reported, or any other inaccuracies that need to be corrected? Are you applying for mortgages everywhere? Inquiries cost your credit score 2-5 points. After the initial 30 days of the mortgage pull. Credit bureaus hold off dropping the score for each pull as they know you may shop for a mortgage, but the inquiry will harm your score after the 30 days have lapsed. There is always something you can tweak to improve your scores. I have free tips to do just that on my blogs right here on Trulia.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
https://www.facebook.com/EverlastingCR?ref=hl
0 votes Thank Flag Link Tue Jun 11, 2013
Dear homebuyer,
Your credit score of 615 is not that bad - in fact when I have a buyer in your situation I typically ask them a bunch of questions about their recent financial history, how they got their score, which credit reporting company provided the score, if they are expecting any raises or any positive changes in their incomes in the near future - in order to get a better picture of what I'm really working with to help them. Based upon this info and additional questions I'm better able to help guide my buyers to the best local lender to help them with their financing needs. There's no question that financing today is more like putting a fork in your eye... but with that said I've seen motivated people do amazing things in short periods of time with their credit scores. I do have relationships with companies which can help increase a score like yours - in fact this company regularly helps folks with credit scores in the 700's to get their scores into the 800's. There are many good reasons to do that as well which I'd be happy to share with you. If you don't already have a buyer's agency relationship with a realtor and would like my help - please feel free to give me a call on my cell: 717-542-1207.
Drew Smith
Prudential Bob Yost Homesale Services
0 votes Thank Flag Link Wed Jan 16, 2013
Correction to my website address
0 votes Thank Flag Link Sun Feb 5, 2012
Mundo,

I have programs with scores down to 560 but other factors need to be considered.In other words, the answer is maybe ....but we need more information to know for sure.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Sun Feb 5, 2012
Lenders may have different credit score criteria. Also taken into account is your debt to income ratio, length of employment, W2s, etc. Please consult a loan officer to get a customized answer in your particular situation. A professional lender can also guide you on raising your credit score too. All the best to you.
Vito
0 votes Thank Flag Link Sun Feb 5, 2012
Dear Homebuyer,

I think 640 is the median score you need to qualify plus other factors like debt-to-income ratio and employment.
Consult a loan officer to get a more definitive answer. This way, even if you can't qualify now, she/he can advise you on the process of getting you pre-qualified.

Best.
Maria
0 votes Thank Flag Link Sun Feb 5, 2012
Not likely, you should aim at raising your FICO score up to 680. This will get you a better interest rate as well. Your lender may consult you as how to raise your credit score.
0 votes Thank Flag Link Sun Feb 5, 2012
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