Home Buying in 06514>Question Details

Csherm4415, Home Buyer in 06514

Can I get a mortgage w/ a 605 score?

Asked by Csherm4415, 06514 Thu Dec 31, 2009

The three major credit bureaus have my credit reports all screwed up. I have tried for 12 mos. to clear it up and finally resulted in contacting the Federal Trade Commission. I have letters from the lenders that I have not been late within the past 24 mos and some account are closed and paid. Can I still get a mortgage w/ proof of payment from the creditors?

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Al Akerman’s answer
You would have to contact local or state housing authorities in your area. In NJ, we have a state program that goes down to 500 credit scores. Many other states have such programs as well.

Based on the information you provided, it sounds like you are a good candidate for such programs. Generally, when someone has a low credit score, there are judgements and collections that need to be paid off and the borrower isn't willing to do so. In your case, you have taken the first steps in the right direction.

Your score is awfully close to 620, and it is very possible that by just continuing to pay your bills on time you will be there within a month or two.

Your score will also increase if you pay down your revolving accounts as much as possible. The lower the percentage of your maximum available credit you have outstanding the better.

Hope this was helpful.

Good luck.
0 votes Thank Flag Link Fri Jan 1, 2010
Yes! You have to meet the other standard qualifications for obtaining an FHA mortgage, but that score will not disqualify you. Make sure you speak with an experienced lender to discuss all your options and the pros and cons of each.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

1 vote Thank Flag Link Wed Mar 12, 2014
You can do an FHA Loan to a 580 with me. 3.5% Down Payment!

Be Happy to discuss it with you
0 votes Thank Flag Link Wed Mar 12, 2014
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