Credit Score in New York>Question Details

Camille, Renter in Upper East Side, New...

im a fist time buyer my credit score is 600 and i only have 5% down payment what my chances of buying a home in staten island ny

Asked by Camille, Upper East Side, New York, NY Tue May 22, 2012

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Javier Meneses’ answer
Mark is correct. The minimum credit score required (depending on loan program) can vary slightly, but 99% of the times you'll need at least a 620-640 to qualify. As Mark said, you are not far off. I often run into clients who may need to simply lower balances on credit cards and it can result in a big enough credit score increase that it can get you to where you need to be so that you can qualify. Some Loan Officers have the ability to run scenarios or pull credit analyzer reports where it will tell you exactly what you need to pay and how much of a credit score increase it will result in. Consider meeting with a Loan Officer and see what your options are. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
2 votes Thank Flag Link Mon Mar 4, 2013
Trevor I commend you for your honest response, many mortgage brokers would not do that.
1 vote Thank Flag Link Fri Jun 1, 2012
Thanks Janet!

I believe in the Dream of Homeownership; but there's the right way and the wrong way to do it. For mortgage professionals to lead an unqualified person down the path only to disappoint them later by saying, "Oops! I can't approve the loan with that credit score!" is a surefire method to dash someones dreams to naught. Better to counsel someone today with the truth and help them prepare an action plan to become a homeowner in the future.

There are no shortcuts to becoming a Homeowner; the fundamentals have to be in place before any family or person should take on the challenge of a mortgage and owning a home.

Thank you again for your kind compliment!
Trevor Curran
NMLS #40140
Flag Fri Jun 1, 2012
There are other factors besides credit that determine mortgage qualification, such as income, debt, etc.; therefore for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Tue May 22, 2012
There will be lenders out there that will tell you can purchase a home with that credit score but please be aware you will get the worst possible terms. You need to have minimum credit score of 640 for a FHA loan. Work with a lender to see what can be done to boast your score first. Sometimes it's little things like paying down debt or satisfying an outstanding collection. When you say 5%, it depends, 5% of what number?
1 vote Thank Flag Link Tue May 22, 2012
Sounds like your in great shape to get approved for a loan now, I know several lenders that can go down to a 580 credit score for FHA... If you need any help email me or visit our site
0 votes Thank Flag Link Sun Aug 18, 2013
Hi Camille, you will need at least a 640 score to qualify for a home loan but the good news is that your not far off. A good mortgage professional should be able to advise you on how to raise your credit score.
0 votes Thank Flag Link Mon Feb 25, 2013

Here's one more thing -- you should not to go to the credit reporting agencies direct -- please note the following from the site:

"Q: How do I order my free report?

A: The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.

To order, visit, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is on the back of this brochure; or you can print it from Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. The law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months."

Grace Walker
Commercial Real Estate Agent
0 votes Thank Flag Link Sat Oct 27, 2012
Yes you can qualify for an FHA loan with that score. The downside is the mortgage insurance attached to the payment. The benefit is FHA loans are currently at all time lows.
0 votes Thank Flag Link Thu Sep 27, 2012
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
0 votes Thank Flag Link Fri Jun 1, 2012
Contact a loan officer or mortgage broker in the area, they will be most helpful.
0 votes Thank Flag Link Tue May 22, 2012
Hi Camille,

I am New York licensed loan officer. In regards to your questions, we may be able to place you in one of our programs. I would like to speak with you in more details. Please feel free to contact me directly at 347-462-4210 or you can email me at

Thank you,

Rocco Guercio
NMLS: 57101
0 votes Thank Flag Link Tue May 22, 2012
5% of what?..................,,,.,,,,$$
0 votes Thank Flag Link Tue May 22, 2012
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