Financing in 08096>Question Details

dar8270, Home Buyer in 08096

I have a 642 credit score is that good enough to get a mortgage in new jersey

Asked by dar8270, 08096 Sun Dec 16, 2012

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Lenders are very strict right now and they are looking at everything, not only your credit score. If you have 642 credit score is good enough to shop around for a mortgage broker that can review all your finance status and provide you with a pre approval letter. Just remember, the bigger your down payment, the better your chance of getting a mortgage loan and a lower rate.

Best of Luck,

Maria Cipollone
1 vote Thank Flag Link Fri Aug 16, 2013
The credit score is and there many other components. Please contact me and we can review/
0 votes Thank Flag Link Fri Aug 16, 2013
Yes you can get approved with a 642! You probably don't need to get your scores up anymore. There are a few Lenders that can go down to a 600 mid score home loan. . I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.
0 votes Thank Flag Link Fri Aug 16, 2013
You really need to sit with a mortgage lender & get preapproved for a mortgage. They will not only look at your credit score but also other factors such as income, debt, employment history & funds available for a down payment and closing costs.
0 votes Thank Flag Link Sun Dec 23, 2012
Yes! you are able to obtain mortgage. Depending on your total debt
vesus mortgage payment and credit history. I highly recommend
to call First Prestige Mortgage Services at 973-744-8300
0 votes Thank Flag Link Mon Dec 17, 2012
The first thing that you need to know is that depending on where you obtained your credit score from such as credit you may not be getting a true picture of your score. While lendersare required to pull from the three repositories mortgage lenders have a different impact on the score. So if you have not obtained your score from a mortgage lender or bank that is the first thing that you will need to do.

A 642 score will beacceptable for FHA with 3.50 as the required downpayment. There are other factors that will determine your ability to get a mortgage. Rental history, work history, saving pattern, etc.

You are welcome to contact me for a free mortgage approval. If you have issues that need to be resolved we can assist you in resolving them so that you may obtain a mortgage.

Camille Marotta 732-539-9300
Branch Manager NMLS 9838
Residential home Funding
7 Pelican Drive, Suite 3
Bayville, NJ 08721
0 votes Thank Flag Link Mon Dec 17, 2012
The score from you say seems doable, although there are other factors involved. We can sure take thing to the next level to see what we can come up with.

Feel free to contact me any time..
0 votes Thank Flag Link Mon Dec 17, 2012
Yes, that score is perfectly fine. But the mortgage qualification depends on the income and the employment history as well.
0 votes Thank Flag Link Sun Dec 16, 2012
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