can i get a person loan with a 608 credit score?

Asked by Jen, 06360 Thu Apr 22, 2010

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Laura Frisch’s answer
Laura Frisch, Agent, Niantic, CT
Sat May 18, 2013
You may qualify to be considered a loan with a 608 credit score but getting a loan is more than just your credit score. The lender will look at why your score is 608, when was the last time you had a late payment on any of your debts, and your job history. This overall picture is a better determinate if you will be able to secure financing.
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Kim Brown, , Torrington, CT
Fri Apr 20, 2012
Don't forget to check state housing programs! CHFA in CT for first time buyers does not have a minimum credit score, they review the overall credit picture including the reason behind low scores. Speak to at least 2-3 "types" of lenders such as a bank, credit union and mortgage company. Ask all for a Good Faith Estimate which outlines the costs involved with your loan scenario. Good luck!
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Stephen Suech, , Boston, MA
Tue Apr 27, 2010
Yes. A 580 credit score is needed for an FHA 3.5% down mortgage loan.
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Anna M Brocco, Agent, Williston Park, NY
Thu Apr 22, 2010
You need to visit with any qualified loan officer(s) first, see what your budget can handle and check your credit score--their scoring is different--Currently FHA loans do require a minimum score of 620 and 3.5% down, there may be lenders that will work with a lesser score, however the interest rate may be higher.
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Larry Humes, Agent, Bellingham, WA
Thu Apr 22, 2010
You will be able to get a loan with a 608 credit score. The "devil is in the details". The loan will have to be supported by some sort of collateral - a house, etc. The larger your "involvement" ("read" downpayment or equity) the more sources of money you will find. As credit scores down, the risk to the lender goes up, and so does the interest rate that the lender will ask for. Here's a couple of examples - If you have no money to put down, and are trying to get a "signature loan" - meaning without any potential "collaterial", then, if you can find a lender, the interest rate, and the "points" (up front cash with which to "purchase the loan package" - the cost of the loan) will both be high. In a different scenario, if you only need a small loan on a high value property, in which you have lots of equity, then a lender will be easy to find, as their risk is low (the lender has to ask "itself" - if I have to take this back due to non-payment-of-the-loan, can I sell the collateral, recover the loan amount, and still make a profit).

The ability to get the loan will depend on several things other than your credit score. There are many variables. If you would like more information on other scenarios, like co-signers, owner contracts terms, etc. please visit the site noted below, and contact me whenever it is convenient.
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