I have a credit score of 647 and my husband 537, will any lender approve us?

Asked by Mh, 15370 Wed Feb 16, 2011

We have a 15,000 down payment as well.

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Andrea Gomez, Other Pro, San Antonio, TX
Fri Aug 16, 2013
Yes you can get approved with a 647! You probably don't need to get your scores up anymore. There are Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. 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.
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Chad Bahnsen, Mortgage Broker Or Lender, Exton, PA
Mon Feb 21, 2011
1. If your husband qualifies on his own based on credit, income, assets then he can get the loan and put you on the deed only (not on the loan). Typically you will need a 640 score or higher.
2. I'd consult a lender and possibly an honest credit guy to get your score up ASAP.
3. I'd be happy to assist you. Fee free to give me a call or email me.
Chad 610 -622-2212 cbahnsen@mortgagenetwork.com
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David Zucker…, , Frederick, MD
Thu Feb 17, 2011
Based on your 640 credit score you can get a credit waiver when using the no money down USDA Rural Loan. Thats right zero money down! A credit waiver is issued by the Underwriter (the person that makes the loan approval decision) based on USDA Guidelines. There are a few thiings that may preclude you from receiving the waiver such as a bankruptcy, foreclosure, default on government debt such as student loans or federal tax liens within the last three years.

As far as your Husband is concerned as others have stated the best thing to do is just try and run the loan through based on your income. The great thing here about the USDA Loan has a lower monthly ayment that a comparable FHA loan since there isn't any monthly mortgage insurance requirements on the USDA Loan.

If you have any questions regarding the USDA Loan reference the attached link or call me at (866) 552-5912.
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Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Thu Feb 17, 2011
Hello MTH,

if you have a good income and can qualify on your own you can put your husband on title and not on the note.Wells Fargo does have a mortgage with scores down to 500 but they are very restrictive in what is allowed and what is not. They require a larger downpayment and there can be no past bankruptcies or foreclosures and at least four tradelines with a clean 12 month history and no collections Usually if you have a 540 credit score you cannot meet these standards.

Best Regards,
Alan Openshaw
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
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Camille Love, Agent, Cullman, AL
Wed Feb 16, 2011
Wells Fargo has introduced new FHA loan criteria for persons with moderate scores.
You might check a Wells Fargo in your area or go online to see how you would qualify for one of these plans.
You would want to reserve the mention of your 15K until they tell you what percent down you would need to pay. That number will come from the highest amount they could lend you.
At 100K, you would be looking at about 6,000.00 down if they are asking you pay down 6%.
You will want to consider that you will have other costs, not just the down payment.
So, you will want to get them to give you an estimated closing cost statement that outlines the other fees-
like appraisal cost, etc.
Your real estate agent will also give you an estimated closing cost sheet with any offer that you submit,
this is where you have some negotiation power to ask the seller to pay all of some or split some of the closing costs. You may ask the Seller to split the attorney fees; but ask the Seller to pay for a Home Warrenty Plan for you.
Hope this helps.
It is a good idea to find a Real Estate agent that you like and trust. The agent works for you. The agent is paid by commission from the Seller, not the Buyer, so find an agent to assist you in locating a good lender and locating a great home for your money.
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Linda S. Cef…, Agent, Franklin, WI
Wed Feb 16, 2011
You need to meet with a lender. They will be best able to help you after taking everything into consideration in addition to your credit scores.

My last three clients bought under either husband or wife in order to get past this road block. You need to find out what your state laws are regarding this. If you can buy the home and put husband on the deed would be one question for your lender.

You might want to check with a real estate attorney to make sure before moving ahead..
Web Reference:  http://www.lindacefalu.com
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