Gearman59, Home Buyer in Morongo Valley, CA

my credit scores are 626 617 610 do i stand a chance of getting a loan

Asked by Gearman59, Morongo Valley, CA Sun Mar 28, 2010

Help the community by answering this question:


how to get score higher than 626
0 votes Thank Flag Link Wed Jan 23, 2013
Hello Gearman and thanks for your post.

As Dan noted, all lenders will require a minimum FICO "middle score" or "mid score" of 620 or higher. FHA allows a mid-score of 620, however, your current mid-score is only 618 and is not quite high enough to qualify for a loan. While paying off some outstanding credit balances is the fastest way to pop up the scores, you will need to work with a qualified loan broker in order to determine the best route to correct your credit and to obtain a rapid rescore to upgrade your FICO status.

Good luck and talk with a loan broker in your area tomorrow!!

Grace Morioka, SRES
Area Pro Realty
San Jose, CA
0 votes Thank Flag Link Sun Mar 28, 2010
FHA has a 620 minimum credit score requirement. They use the middle score.

You stand an excellent chance of being able to improve from 617 to 620 or better in a relatively short time frame.

Talk to a local lender who also works with credit repair. I would expect they could get you up to score fairly quickly.

You need to think about down payments and closing costs also.
USDA loans are 0% (may run out of money anytime until fall). V.A. loans (veterans only) are also 0% down
FHA wants 3.5% down
Conventional can be anywhere from 5% to 20% (or more) down depending on the lender.

Closing costs may or may not be able to get a seller to pay them. They want more money.

The last thing is your debt to income ratio. It has to be in the guidelines that lenders require.

Talk to a lender, you probably can get approved.
0 votes Thank Flag Link Sun Mar 28, 2010
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