Home Buying in Austin>Question Details

Country904, Home Buyer in Jacksonville, FL

i need to buy a home with a 611 credit score can you help?

Asked by Country904, Jacksonville, FL Thu Jul 9, 2009

Help the community by answering this question:


Good afternoon Country904,

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jul 17, 2013
PrimeLending received an exception from investors, which allows Prime to offer FHA for credit 600-640.

I can provide FHA loans to borrowers with credit scores of 600 and above. I can assist borrowers nationwide.

Jori Stern
PrimeLending, A PlainsCapital Company
(800) 308-8503
0 votes Thank Flag Link Mon Sep 19, 2011
I may be able to help you if you are buying in Texas. I have one lender that will do a manual underwriting. This takes several weeks and there is no guarantee. If you are buying in Florida, I suggest that you get with a local lender that does a lot of FHA loans. They may be able to help you work on getting your credit scores improved to 620 which opens a lot more opportunities. Remember to stay current and not get any lates on your credit report, especially your rent or a mortgage payment.
0 votes Thank Flag Link Mon Aug 10, 2009
You need to have a 620 minimum , then you can do an FHA loan.
0 votes Thank Flag Link Sat Aug 8, 2009
you should improve your credit score... Some lenders can approve you for the loan with that score, it will also depend on other factors....... You can contact http://www.eaglenationwidemortgagetx.com/
They can help you out....
all the best...
0 votes Thank Flag Link Tue Jul 28, 2009
Bank of America - Dan Hightower 915-534-4111;
Email: daniel.j.hightower@bankofamerica.com
Contact him and he will send you an application; He works with FICO's 580 and up.
0 votes Thank Flag Link Tue Jul 14, 2009
I am a local mortgage banker but I also have the ability to do broker business. FHA loans down below 620 are possible but the lower your score the harder they are to get. I have a source that will do FHA loans below 580 but you will be put through the wringer and the rate is not the going rate. A 611 score is much easier than a 570 score that I am working on now. If you would like to contact me, my name is Bobby Cloud and my # is 512-627-2487.
0 votes Thank Flag Link Sun Jul 12, 2009
I was told by a local loan officer that there will soon be a product available for a 580 credit score. Be patient and work on improving your score. You need a 620 to qualify for FHA>
0 votes Thank Flag Link Sat Jul 11, 2009
You're going to be fighting for table scraps as far as banks go. Can you qualify? Technically, yes.

If you're motivated, let's talk about seller finance. No qualification necessary.
0 votes Thank Flag Link Thu Jul 9, 2009
Call Chris Abbott at Prime Lending and get his opinion. His number is 241-1743. He may have suggestions to increase your credit score to 620 -- the amount needed to get most financing.

Tell him I sent you!!!

Mary Strickler
Prudential Realty
0 votes Thank Flag Link Thu Jul 9, 2009
Buying a home with a 611 score is possible. You may be able to go with an FHA insured loan. You cannot have any lates on your rent or mortgage payments for the last 12 months. Nor, can you have any college loans, tax liens, etc.
I suggest that you get with a mortgage professional to see what your options are.
Good luck.
0 votes Thank Flag Link Thu Jul 9, 2009
You may be closer than you think to buying your next home! Have you considered a USDA loan? You must meet the USDA guidelines/income limits, and buy a home in areas of lesser population such as Buda, Kyle, Del Valle, Bastrop, etc. If you would like to discuss this further, I have a wonderful lender who is great at USDA loans, as well as FHA/Conventional loans. Just contact me by email or phone to discuss this further.

Jana MCCool - RE/MAX Austin Associates
512/964-7653, 512/280-2665
0 votes Thank Flag Link Thu Jul 9, 2009

Good day. Here is what the experts are saying, "If a first time home buyer wants to qualify for a loan, they will need a credit score of at least 660 unless they try for an FHA loan."

Things to consider:

1. Opinions vary on how high your score needs to be in order to get a home loan in this market.
There's a big difference between qualifying for a mortgage and getting the best interest rate on that mortgage. In order to get the best rate, you need an even higher score than you would need just to qualify for the loan.

2. Your credit score is just one of the things a lender will look at when considering your for a home loan. They'll also consider your debt-to-income ratio, the size of the loan in relation to your income, and other financial factors.

3. If you feel you have a decent score, and you want to know if you can get a loan, there's only one way to find out for sure. You have to apply and see what happens. You don't have anything to lose by applying for a mortgage loan (except a bit of time and energy).

Hope you find this information helpful. Please keep in mind that BuyersHouseRealty is in the buyer real estate education business, and we pay for our clients education.
Learn more>> http://www.buyershouserealty.com.z57preview.com/realtor_cont…


Gavin St.Louis
Texas Mananging Broker/Realtor
"Showing You the Real Estate Rebate"
0 votes Thank Flag Link Thu Jul 9, 2009
Yes I know someone who can probably do your loan. You will need two years of work history and no late payments in the last years. Give me a call and we can talk about it. (512) 590-9150
0 votes Thank Flag Link Thu Jul 9, 2009
You can get an FHA Loan. What price range are you in? Visit my website to search for properties & sign up for instant notification of properties as they come on the market: http://www.findaustintxhomes.com

Lionel Laday, Realtor
Keller Williams Realty
0 votes Thank Flag Link Thu Jul 9, 2009
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