Is a credit score of 630 good enough to buy a house.?

Asked by Wolf2, Lindenwood, Queens, NY Sun Aug 12, 2012

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Aug 12, 2012
Yes. Obviously there are several other things we need to look at, like credit, income, assets, etc. But there are a couple options at a 630 FICO score.

If you need a loan officer to help you, I'm always available to speak and/or meet at one of my Queens locations.

Javier Meneses
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
1 vote
R Wright, Other Pro, NY,
Tue Sep 11, 2012
Yes. I can get it done with a 580 middle Fico. Cannot have a 30 days late on credit. Call me to discuss anytime at 914-299-0420.
0 votes
, ,
Tue Sep 11, 2012
Good morning Wolf2,

Most Lenders in tne New York area today require a minimum 640 credit score to qualify for mortgage financing and many Lenders require 680 or better.

Unless you have serious delinquencies/collection accounts on your credit report, you may only need to do some basic "tweeking" of your credit profile to help increase your credit score in the near future. While there is no guarantee that any action you take will increase your score, there are usually good results for someone with overall good credit who takes some basic actions such as paying down a credit card balance to less than 50% of the credit limit.

Your best resource to guide you will be your Mortgage Banker. Your Mortgage Banker is expert in the requirements of credit to qualify for mortgage financing and can review your credit report and guide you accordingly.

Beware of anyone offering to repair your credit. The Federal Trade Commission calls credit repair situations "scams.' And beware of mortgage professionals offering to provide a mortgage with a credit score below the customary requirement. Often these people want to "get you on the line" and reel you in rather than provide honest, clear information in response to your question.

Hope that helps!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes
R Wright, Other Pro, NY,
Wed Aug 29, 2012
Hello Wolf - I can do a mortgage loan with a score of 580. Credit cannot have any 30 days late payments. To discuss further please contact me at 914-299-0420
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Thu Aug 16, 2012
Your credit score is about 10 points shy of being able to work with a traditional lender, but if you have access to a Credit Union , have a steady job with verifiable income and some money set aside for buying a home, I'd suggest speaking to your Credit Union. I believe you'd qualify.

Good Luck and Happy House Hunting>
0 votes
, ,
Thu Aug 16, 2012
Good morning Wolf2,

In the current lending environment most Lenders want a minimum 640 credit score to qualify for mortgage financing. With a score of 630 you are not far off the mark, but it sounds like you have some work to do to improve your credit before you consider undertaking the obligation and responsibility of a mortgage loan.

I'd recommend meeting with a Local Mortgage Banker for a complete review of your Prequalifications. If there are minor issues you can address to help improve your credit in a short time, your Mortgage Banker can advise you properly on the steps to take. If this is a long term problem, you'll at least be advised correctly that you are not qualified at this time and what steps you can take to prepare for homeownership.

Here's my Primer on improving credit in order to become a Homeowner:

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.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

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
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes
Joseph Hasti…, Agent, Bayside, NY
Wed Aug 15, 2012
Hi Wolf. So you've had some responses below and they all seemed to be underwhelmingly positive. I love the "it's possible" and "it may be." The fact is, your score is dismal. The other fact is, if you intend to go FHA, you can most likely get a loan. Sure, you'll get a high interest rate but that is a relative term given the historically low rates we are currently seeing.

You need to talk to a mortgage professional face to face. Bring the last two years of your taxes, Bank statement(s) to show on hand assets and a couple of pay stubs. Let them run credit check, they want to anyway. They will give you an much better idea of what they can lend given whatever parameters you give them.

In general, you need to clean up your credit but I'm sure you know that. Good luck.
0 votes
Nida Kabbaj, Agent, Plainview, NY
Mon Aug 13, 2012
It is possivble, however, it is not the only factor in determining ypur eligibility for a mortgage. You should speak to a loan specialist before you start searching for properties. if you need any recommendation, kindly contact me

Thank you

Nida Kabbaj
Exit realty by the park
Licensed real-estate sales associate
Direct: 917-681-1102
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Aug 12, 2012
It may be, however there are other factors besides credit that determine qualification, therefore for a personalized answer visit with any licensed loan officer....
0 votes
Thomas Brady, Agent, Plainview, NY
Sun Aug 12, 2012
Yes depending which type of mortgage you use. I would be happy to send you the contact information for a lender that will give you a free pre-approval. You will need a pre-approval to submit offers. Good luck!
Thank you
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
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