Home Buying in Atlanta>Question Details

Joy Fitzgera…, Renter in Atlanta, GA

is 617 a good credit score to buy a home?

Asked by Joy Fitzgerald, Atlanta, GA Thu Sep 27, 2012

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Answers

13
Yes FHA allows lenders to go down to a 580 credit score for FHA. I get clients approved everyday with your scores.
2 votes Thank Flag Link Tue Oct 29, 2013
Jeff12345 I answered a question offering to help this person. Yes The Lenders Network is a referral based company that helps people that are unable to get approved for a home loan through traditional lenders. The object is not to scam people but to help guide them in the right direction, we are not merely a lead generation company. even if that were the case that is far from a scam. The Lenders Network has an A+ Better business bureau rating, have you seen others posting nothing but straight copy and paste posts all over here? If you would like to take up any issues please do so directly via phone or stop by our office - 214-501-5382
Flag Thu Oct 31, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. They are a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
Flag Thu Oct 31, 2013
In order to get a mortgage loan, lenders take into consideration your credit history, employment history, radio of debt to income, etc. Start by shopping around for a mortgagte broker that can answer all your questions and give at least two financial options on your first meeting.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
2 votes Thank Flag Link Sat Oct 6, 2012
Wow Spamming Trulia Jessica. Same Answer on 50 different posts

Way to offer great insight to the Trulia community.
1 vote Thank Flag Link Sat Aug 10, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile. He has 100s of spam comments left on blogs.
0 votes Thank Flag Link Thu Oct 31, 2013
Guys notice that was a very old post, my credit score ending being around 680 and I purchased my home about 5 months ago in June.
0 votes Thank Flag Link Wed Oct 30, 2013
Most lenders/loan product usually want 640.. but I have some lenders that they will accept lower scores. Feel free to call at 678-613-5636
0 votes Thank Flag Link Tue Oct 29, 2013
Well I guess my boyfriend and I will never ever be getting a house. That is a pipe dream that I can give up on.
0 votes Thank Flag Link Mon Jul 22, 2013
My score is 614, the loan company recommended that I pay all credit cards balance down low . Example for $1000.00 credit card, get the balance down to $32.00.
0 votes Thank Flag Link Sat Oct 6, 2012
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options.

To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
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 Fri Sep 28, 2012
Good evening Joy,

Most Lenders today require a minimum score of 640 for mortgage financing although some Lenders will allow 620 scores (if you jump through the appropriate and many and varied hoops).

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.

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
0 votes Thank Flag Link Thu Sep 27, 2012
My score is 617 all my accounts are never late and yet my credit score never seems to go up any idea why?
Flag Sun Apr 20, 2014
Hi Joy,

Regina is right, I also heard that Wells Fargo offers loans to customers with that credit score.

Good luck!
0 votes Thank Flag Link Thu Sep 27, 2012
Wells Fargo goes down to that credit score. Give me a call so we can talk further.
0 votes Thank Flag Link Thu Sep 27, 2012
Most lenders/loan product usually want 640.. but some mortgage brokers may have products to accommodate lower FICO score.

You just need a few more points. Talk to your loan agent on what to do to get the score up and do a rapid re-score..
0 votes Thank Flag Link Thu Sep 27, 2012
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