Tyrone, Other/Just Looking in 70510

Can i get a mortgage with a 610 credit score?

Asked by Tyrone, 70510 Wed Oct 21, 2009

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9
Jessica Bate…, Agent, Beverly Hills, CA
Wed Aug 21, 2013
There are a select few lenders willing to go down to a 600 score sometimes lower. I would recommend The Lenders Network they have helped several of my clients with lower scores get approved.

Good luck!
4 votes
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Tue May 8, 2012
Tyrone,

There are many lenders out there who can do 600+ FHA loans still to this day but there are most likely going to be overlays (perhaps additional months of reserves or clean history in the recent 12 months or any number of other criteria). Since each lender will have a different overlay than the next IF they can even go below a 640, let alone down to a 600, you'll need to shop first for a loan officer that you respect and trust has the correct information and go from there.

I just noticed this post is almost three years old so by now you should be in the 700's easily though if other consumers see this and have the same question today, they know the answer. :)

As always, post in this thread with questions or mail someone directly through their profile or website.

Happy hunting all.
Web Reference:  http://RobWeber.com
1 vote
Kyle, , Scottsdale, AZ
Mon Oct 26, 2009
Ian is wrong, many lenders can do FHA loans with under 620 scores - including my company, this is why I dislike when agents try and answer financing related questions, its very dynamic out there and unless you are dealing on the financing end every day you are out of the loop.

There are also MANY ways to quickly boost your credit scores 10-30+ points, depends on the credit so dont let this hold you back.
1 vote
im not boasting anything.
Flag Sat Dec 5, 2015
can you help me?
Flag Sat Dec 5, 2015
how could someone boast their scores a bit quickly?
Flag Fri May 16, 2014
ian cockburn, Agent, New Orleans, LA
Wed Oct 21, 2009
You need at least 620 to start talking to people...and you are awfully close. Get with a mortgage person at a local bank to help you understand what it takes to improve your credit...for starters:
1) Get rid of your credit cards until you have just one
2) If you cannot get rid of the credit cards, get rid of all you can...take whatever monies you have and get rid of that debt.
3) Do you have a high car payment? Get rid of the fancy car and associated payments and downsize
4) Start saving...it is a delicate balancing act between paying off bills and saving...but do regular little bitty amounts...give up the poboy for lunch,(for me shrimp and oyster dressed..and THAT's hard to give up!) and put that money in savings.
5) Write down EVERY PENNY you spend for 3 MONTHS...you will be surprised how many quarters you can save over 90 days.
6) Check you credit score...get a free one from freecreditreport.com and make sure everything on there is correct.
7) Do not take out any loans at all
8) Do not move..unless it is to pay less for rent.
...if you have made it through all these, your next question on here 90 days from now will be, "Who is giving the best rates on FHA or VA loans for people with a 620 or better credit score?"
Good luck!
Web Reference:  http://iansellsnola.com
1 vote
Quickprotax, Home Buyer, Myrtle Beach, SC
Fri Nov 20, 2015
Have you tried rapid rescore or repairing your credit first? The company I work for is having their quarterly FREE Credit repair service give away. I used them and very satisfied with the results. The drawing is December 1st.
Text " crm yes" to 25827 and the link for the contest will automatically respond back. Or click on the link below.
Their prices are low, they analyze and develop a customize plan for each client (that's my job! :-)) and you don't have to pay for the service until after it is complete!
Good luck
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed Jul 17, 2013
Good afternoon Tyrone,

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.
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.consumer.ftc.gov/articles/0058-credit-repair-how-…

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Jori Stern, Mortgage Broker Or Lender, Austin, TX
Thu Sep 15, 2011
PrimeLending received an exception from investors, which allows me to offer FHA mortgages for credit 600-640.

I am a nationwide lender.

30 day closings available.

I make the loan process easy.

Excellent rates, low fees. Close on time.

Jori Stern
Sr. Loan Officer
PrimeLending, A PlainsCapital Company
(877) 399-6539
0 votes
ian cockburn, Agent, New Orleans, LA
Tue Oct 27, 2009
And another cautionary tale from the world of finance in south Lousiana...don't take advice, especially financial advice from a person in a state where they rank in the highest foreclosure rates in the country..

Rules, means and methods to get financing will vary with the state. If, (and it is VERY doubtful) you were able to get a loan with a credit score of below 620 you will pay..you will pay with at least 1.5 points, (1.5% of the loan), high interest rates(the worse the credit the higher the rate) and basically put yourself in a position where the mortgage broker makes the money, and you will be stuck with payments you cannot afford today, tommorrow or the second you lose your job.

There is no "quick fix" to getting your financial life in order. Long term it is better to have a couple dollars in your pocket, get your credit above 610 and then you can negotiate from a position of strength when it comes time to get a loan and negotiate with a seller.

To keep this in perspective, several of us (agents/brokers) have clients with 750 to 800 credit scores and these people are still being strangled in paperwork in order to buy a property..and this has become the norm.
Web Reference:  http://iansellsnola.com
0 votes
Jason Dipers…, , Haddonfield, NJ
Mon Oct 26, 2009
Tyrone,

Most of the info below is sound with a few exceptions. First, you can in fact get a mortgage with a 610 credit score, technically the FHA does not have a minimum score but you may end up paying more for the rate than if you were a 620. Second, do not close out your credit cards. You can pay them to zero balances, but closing old accounts will actually lower your scores since the bureaus increase scores for established trade lines. Third, freecreditreport.com is not free, I think Ian meant annualcreditreport.com. That site is hosted by the three credit bureaus and once a year you can pull your scores for free.

Aside from those issues I'd agree that waiting until your scores are over 620 is a good idea. If you have the financial means to do so, paying your credit balances to 30% or below of your limit will yield a great jump in your scores.

One last question- do you currently hold a mortgage? If so you may qualify for a Streamline or Refi PLUS loan. Ask your lender about these. If you don't have a mortgage make sure you deal with a few lenders to make sure you're getting a fair rate. Good luck to you.

Kind regards,

Jason Diperstein
E Mortgage Management
800-793-9633 ext. 156
jdiperstein@emmloans.com
0 votes
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