Does anyone know of lenders who are still giving mortgages with a credit score below 620? I'm looking to buy

Asked by Amykan, Vineland, NJ Tue Apr 21, 2009

in southern NJ, and can't find a lender.

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Lori Rossi’s answer
Lori Rossi, Agent, Warwick, RI
Tue Apr 21, 2009

I am sure that there are lenders who can help you in your area-if not immediately they can help point you in the right direction to purchase in the near future. Not all loan programs are credit driven. Shoot me an email and I can refer a local buyer agent who can not only help you get pre-approved, but also help in your home search. I hope to hear from you soon.
2 votes
Ernesto Rodr…, , New Jersey
Mon Feb 22, 2010
The answer is yes. It does take longer to close 30-45 days. I will need all your personal information and we can talk over the phone to cover all the details.

I have done many of these loans but to be honest they are high risk. Lets look over your profile and we can get you going in the right path. Amykan remember I am the bank and we lend our own money. We can tell you in 48 hours in what direction we need to go.

Give me a call at my office....

908-469-1590 x 228 or 732-300-3695 (Cell)
1 vote
Jeff Belonger, , Cherry Hill, NJ
Mon Jul 5, 2010
I just have to say that there are some sad answers by some loan officers in here about credit scores down to 580.;.... very misleading because many of you just want business or the borrower to call you. Tell the borrower that these are much tougher to do and that rates are much higher when you go below 620 and 600. To tell someone that your rates are good when going down to 580? Come on.. I know the market very well and I know the lenders out there and what can be down on Wall Street, and for what price. This is sick info..

And ps... you do have a minimum... you know who I am talking about.; Because if you knew your giudelines, for a FHA loan with less than a 580, you need 10% down.

Overall... buyer,. if you are still out there and having some issues with these lenders, please contact me. There is a lot to it, that is not being explained below. It can be done, but it's very pricey.

Thanks, jeff 609-440-5133
0 votes
Ernesto Rodr…, , New Jersey
Sat Jan 30, 2010
Hello Amykan,

I am a mortgage banker and my guidelines for fha purchasing is as low as 580 fico score. The rate is very good as well and closing time with a full package is 30-45 days.

Interest rates on all these type of deals is 6.00% or less. I am closing debt to income ratios of 42%/50% when I get them approved threw Desktop Underwriting.

My branch has everything in house and would love the opportunity to answer any questions you may have. Have a great weekend and I will speak to you very soon.

Ernesto Rodriguez
0 votes
Charles Runy…, Agent, Rochester Hills, MI
Tue Jan 26, 2010
The answer is NO! You will need to work with a mortgage rep who is willing to help you repair your credit or do yourself. Pull your report and get accounts up to date and closed. Dispute creditors in writing and ask them to remove or prove that you owe them money!
0 votes
Sherie Panar…, Agent, Vineland, NJ
Tue Dec 1, 2009
There are several programs available to buyers with credit scores below 620. There are several other factors that will determine whether or not you will be able to obtain financing. I work with 3 or 4 mortgage representatives who specialize in helping buyers with less than perfect credit and I'd be happy to help you obtain financing. Please contact me at with your contact information.
0 votes
Eileen Lobel, , Vineland, NJ
Tue Jun 30, 2009
Hi Amkan,
I am located in vineland NJ too. I have helped many other buyers and would be happy to help you. I work with several different lenders and when your pre-qualified they usually qualify you for the financing they have available. You didn't put that much info but it does depend on how much lower then 620 and the program/financing that you are qualifying for. I have helped several clients and would be more then happy to help you too. Right now they have a program that you can get 4% towards your down payment - that is after 5 years no repay and closing costs then use prefund (tax credit monies) for balance of closing costs and could use up to $6,000 seller concessions if needed. This is a first time home buyer or someone who hasn't had a home in their name for the last 3 years creating no money down/no closing costs. There is also l00% USDA financing. As I said I'd be more then happy to help you,

I can be emailed at or cell# 856-776-3264 mon-sun till llpm.

I look forward to hearing from you or anyone else who would like assistance & have a great day!
Web Reference:
0 votes
Luke Allison, , Asheville, NC
Wed Apr 22, 2009
My name is Luke Allison and I am a retail loan officer with Bank of America. Currently we do not have a minimum credit score requirement to apply (although 580+ tends to be the threshold). I can do loans in NJ so if you need some assistance qualifying, you are welcome to contact me about prequalifying.

Luke Allison
Bank of America Home Loans
0 votes
Jerry Kussy, , Park Ridge, IL
Wed Apr 22, 2009
The question is, how far below 620? You should try to find a Mortgage Broker who also does credit repair and rescore. Some lenders can examine and tweak your credit and have it updated in 3 days. I have had clients update paid collections and credit card balances and their score went up 70 points!
0 votes
, ,
Wed Apr 22, 2009
There are a few lenders left that will do an FHA loan under a 620 score. You better hurry, they are changing the programs all the time. You will need 3.5% of your own money and of course closing costs. You can always ask for the seller to help you with up to 6% assist in closing costs.
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0 votes
Ed Fallon, M…, , West Chester, PA
Tue Apr 21, 2009
I might be able to help. I am based in PA and lend in NJ. Tell me more specifics about your situation.
0 votes
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