What is really considered an 'okay' credit score, meaning not great but something lenders, etc. aren't too?

Asked by Gina, Gaithersburg, MD Tue Nov 27, 2007

worried about. I haven't checked mine yet although I'm ready to and I believe it's in the low 600's - not sure if that's a problem when buying a house.

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Rez Kodad, Agent, Naples, FL
Fri Mar 7, 2008
Gina, go to http://www.MyFico.com get a copy of your credit. The site helps you to improve your credit score. I highly recommend before anything, check your credit, and if is low, try to rebuild it up to take advantage of better score!


Web Reference:  http://www.20878Homes.com
2 votes
Derek Wagner, Agent, Colorado Springs, CO
Tue Nov 27, 2007
Definitely talk to a lender, but our recent experiences with home buyers has shown us that scores under 680 are more difficult to work with than they were a few years ago. However, if you are above the 620 mark then you still have hope ...
Web Reference:  http://www.wagneriteam.com
2 votes
Lavy Mammen, , Maryland
Wed Dec 12, 2007
Go to my website and pull your credit report for free, the pull will not appear as an inquiry as well.
1 vote
Jim Walker, Agent, Carmichael, CA
Sun Dec 9, 2007
How about a rating like they do for movies? figure an extra half star for ranges in between. This is just subjective opinion not scientific and does not represent any lenders criteria. .

I gave the movie "Knocked Up" five stars. So you may differ from my opinion and I will not be offended.

720 to 850 is five stars.
680 to 700 is four stars
660 to 680 is 3 Stars
620 to 640 is 2 stars
600 to 620 is 1 star

under 580 is no stars.
1 vote
Lewis Poretz…, , Annapolis, MD
Sun Dec 9, 2007
Gina - very good question but too many variables to answer. Loans are approved now a days by a computer. Approvals are based on risk models. If you are putting 20% down, have assets that are liquid, then low 600 scores are good credit scores.
Remember 3 things that make up a loan 1) credit 2) loan - to - value 3) debt - to - income ratio with assets helping as well.... hope this helps
Web Reference:  http://www.openmortgage.com
1 vote
Cindy Maves, Agent, Fort Myers, FL
Wed Nov 28, 2007
Hi Gina:

A good lender can help you to work this out. They can also tell you what programs you may qualify for that are available to first-time home buyers. They will also help you with credit counseling if needed.
It may take some time, but then you will be fully informed, and know what all your options are.
Web Reference:  http://www.northropteam.com
1 vote
Marvin EMarv…, Agent,
Wed Nov 28, 2007
Mansur is right.

A lot depends on factors other than your credit score. Also don't always count out seller financing. If you want more specifics about that scenario, let me know.

Also, just to get a rough idea, you may want to check your score on truecredit.com (i.e. TransUnion). I've used all three services (including experian.com and equifax.com) and found that truecredit.com normally has the most accurate scores and you can actually see all 3 scores there.
Web Reference:  http://www.eMarv.com
1 vote
Gary J. Rudd…, Agent, Gaithersburg, MD
Tue Nov 27, 2007

Unfortunately I can't answer the question, as I am not a lender. I would strongly recommend that you contact a trust worthy lender! I have all of my customers and clients contact a lender prior to making any purchasing decisions. Give me a call or email, and I would be more than happy to forward you to a few different lenders that I have the utmost confidence in their ability to help you answer your question!


Gary J. Rudden, Broker/Owner
Congressional Residential Realty
(240) 403-0399
Web Reference:  http://www.crrealty.net
1 vote
Diana Rice, Agent, Ashton, MD
Thu May 14, 2015
The higher your score the more choices you'll have. You can get a loan with score under 600 but it will not offer you the best rate/terms; if increasing your score is an issue, then do the best you can and refinance in the future. I know lenders that will lend with 585, if you qualify. Feel free to call Diana 301 570 5420
0 votes
Josh Ross, Agent, Rockville, MD
Wed Dec 26, 2007
Great question and your credit is important when purchasing a home. However, there are still some incredible FHA loans available if you are a first time home buyer where depending on the reasons for your credit not being "ideal" they will over look that. As well, I work very closely with another lender who will work with you as well as dispute and work to improve your credit and can usually get great results within a month or so. I am more than happy to put you in touch with either lender should you be interested.

Josh Ross
The Ross Collection, LLC
D: 888.540.5674
O: 301.916.1400 ext 369
Web Reference:  http://www.jdrrealty.net
0 votes
, ,
Tue Dec 11, 2007
Gina, welcome to the current lending climate - scores, scores, scores (except government loans)... Let me explain.

Government financing (FHA, VA, USDA) have no credit score requirements (eventhough some lenders are requiring a minimum). Since the risk is not based upon your credit scores, a person with a 600 credit score would get the same as one with a 720.

Now... conventional loans have changed. Risk based pricing and mortgage insurance according to your credit socre. At a 680 or above you are safe. From 620 to 679, that's where the problems come in. Both in increased interest rates and higher mortgage insurance. For a more detailed explanation, contact your local lender or mortgage professional. These changes are happening NOW and across the nation.

A mortgage professional will lead you in the right direction.
0 votes
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