is there a way I can get a loan my credit scores are 562, 624, 599?

Asked by Michelle Endreson, Staten Island, NY Mon Sep 30, 2013

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Michael Denniston’s answer
Michael Denn…, Agent, Queens, NY
Wed Oct 9, 2013
Michelle, the answer is yes assuming that you meet other criteria for income, debt-to-income, assets. work history etc. But you will not qualify under the most favorable terms. FHA will insure mortgages for buyers with lower scores than yours, but almost all lenders will require 10% down instead of 3.5%, limit gift money and seller contribution toward your closing costs and charge a higher interest rate.

Generally speaking, the higher your FICO, the better your options. But 640 is the minimum mid score that most lenders require for FHA under favorable terms. You may be surprised to learn that you can see dramatic improvements in your credit scores in as little as 30-45 days in some cases. I've worked with many buyers over the last 6 years who started with low credit scores and later became successful homeowners by following my free guidance. I would welcome an opportunity to help you do the same. For more info, call me directly at 917.699.0183 or email

I value your opinion, please hit thumbs up or best answer, if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS# 24076
The Federal Savings Bank
Direct Lender. All 50 States
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Sep 30, 2013
Most lenders prefer a 640 score, however since there are other factors involved in determining mortgage qualification, for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote
Martina Ryan, Agent, Bayside, NY
Tue Oct 8, 2013
Speak with a loan officer & see if he can find any programs for you out there. Sometimes there are creative solutions available that you may not have thought about.
0 votes
Amanda Chris…, Agent, Fort Wayne, IN
Mon Sep 30, 2013
Probably not with scores that low. I would call a local lender/mortgage broker to discuss your situation. They will be able to give you good advice on how to build your credit up.

Good luck!
0 votes
Gary R. DeFi…, Agent, New York, NY
Mon Sep 30, 2013
Probably not, with those scores. However, there are ways of improving your credit score quickly. Talk to a mortgage banker and follow their advise for improving your score. If you need a name or two of mortgage brokers contact me.
0 votes
Jill Subes, Agent, New York, NY
Mon Sep 30, 2013
Speak to a mortgage specialist and take some time to do what he or she says to improve your credit.
0 votes
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