Can I buy a house with a 610 credit score with a thousand down on a 70,000 to 80,000 thousand dollar house in Georgia.?

Asked by memeadows35, Lubbock, TX Thu Apr 18, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
lendersnetwo…, Agent, Plano, TX
Mon Oct 14, 2013
I know of a few lenders that require a 580 credit score for FHA if you are still looking.
2 votes
, ,
Fri May 3, 2013
Good evening memeadows35,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote
Leo Guerra, Agent, Lubbock, TX
Thu Oct 17, 2013
Hi,

You need a minimum score of 620 but with the 610 you are almost there give me a call and we can find out what we need to do to get you to the 620 marker it should not take very long to get you there.
806-518-5964
0 votes
Donna Kym Hi…, Home Buyer, Lubbock, TX
Thu May 2, 2013
I was told you have to at least have a 644 credit score to purchase a house and 720 is excellent when purchasing a home.
0 votes
Curly Sue, , Texas
Fri Apr 19, 2013
The best I've seen with 610 credit is 3.5% down. ...don't forget about closing costs too!
0 votes
David Howard, Other Pro, Chicago, IL
Fri Apr 19, 2013
memeadows35: Most mortgages require 700+ credit score and 3.5% down bare minimum. $2450 plus closing cost that you might get the seller to pay for.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more