Are there any options available for me to purchase a home with a 600 credit score and monthly income of $7000.?

Asked by Jeremy Holmes, Cabot, AR Sun Apr 1, 2012

We fell on hard times when I was laid off in 2008. Our debt is only $700 a month. Any info will be greatly appreciated.

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Jeff Merritt, Agent, Pine Bluff, AR
Fri Jul 13, 2012
Most lenders will require a 640 middle score but I have lenders that will do 620 middle score for first time homeowners and 600 score with a few acceptions, ie no collections within the last year, no bankruptcies, etc...

Email me at if you would like to discuss this further.
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Janet Nation,…, Agent, Baldwin, NY
Sun Apr 1, 2012
I can assure someone will tell you that they or their loan officer can get you a loan but you better believe with a credit score of less than 640 you will be offered the worst possible terms. The exercise I would do instead would be to sit down with a loan officer to determine why your score is low and take the necessary steps to to boast them. Depending on the situation, it might be a quick fix as well as it could be long term.

After that there will be others factors that would have to be taken into consideration, other than your income, to determine your affordability. Good luck.
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Anna M Brocco, Agent, Williston Park, NY
Sun Apr 1, 2012
For a personalized answer visit with any licensed loan officer; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done...
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