Home Buying in Lindenwood>Question Details

helboubkri, Home Buyer in Queens, NY

Hi, my name is Hamid Elboubkri,

Asked by helboubkri, Queens, NY Thu Mar 14, 2013

I live in Philadelphia, PA suburbs. My credit score is around 630. Do I stand a chance of getting a home loan with this credit score?

Help the community by answering this question:


Brother Hamid , please call me.
I'll help u.
0 votes Thank Flag Link Sat Mar 16, 2013
Helboubkri, A credit score of 630 will not prevent you from obtaining an FHA loan. As a direct lender we go down to 620 on FHA loans with certain restrictions. A 640 mid-score will present you with better options and rates. However, your credit profile is only one factor among many that will determine your eligibility for a mortgage. It's critical that you consult with an experienced mortgage professional to advice you on how to boost your score before applying for a mortgage. Many of my clients have benefited from the free advice I provide on improving their credit scores as part of the mortgage preapproval process. I have been helping buyers to become successful homeowners since 2006 with sensible and affordable mortgage solutions. For more information, call me directly at 917.699.0183. Follow me on twitter @mdenniston247.

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

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
0 votes Thank Flag Link Fri Mar 15, 2013
CalI me - I can help you find a lender that might be able to help you. Are you looking in Queens, NY?
Theresa 718.440.5293
0 votes Thank Flag Link Fri Mar 15, 2013
Hello Hamid,

Javier Meneses gave you a good advice. You should sit down with a loan officer to discuss your situation. If you need help, kindly contact me at 917-681-1102
0 votes Thank Flag Link Thu Mar 14, 2013
Too many factors involved for an accurate answer, therefore 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.
0 votes Thank Flag Link Thu Mar 14, 2013
yes you do. It is important what bank you go with. Some will be able to help you improve your credit scores.
I am happy to introduce you to some helpful people.
Contact me.
0 votes Thank Flag Link Thu Mar 14, 2013

Take it from a Loan Officer who knows, Lending Tree will not help you one bit. It's only good from generating leads so that lenders can try to sell you. Lending Tree will not provide the service you need, which is accurate and efficient advice on how to increase your credit score.
0 votes Thank Flag Link Thu Mar 14, 2013
So here is your situation. Even if you had a 800 credit score, it's pretty much impossible to be able to say yes or no. There is so much more information that us lenders need to determine if you are or are not qualified for a mortgage.

Assuming that everything else is ok (income, assets, down payment amount, etc,), there are options for borrowers with credit scores of 630. Most lenders will require a minimum of 640, but there are lenders out there who can lend to borrowers with credit scores as low as 580. I must warn you that the rates on loans for those who have the 580-639 credit scores are ridiculous and they are usually more conservative with other spects of your loan that can lead to the loan being denied. Some of these lenders will approve a 580-639 credit but won't allow sellers concession, or might require cancelled rent checks as oppose to a simple verification of rent, so if you pay your rent in cash, you won't be approved (these are just examples).

In my opinion, the best thing you can do is meet face-to-face with a Loan Officer and allow him/her to review your credit and all other necessary documentation. An experiened Loan Officer will be able to tell you what you can do NOW to rapidly increase your credit scores so that it puts you in a better position to qualify. We're talking about an additional 10 points or so to your credit score and you'll be over 640. This will no longer limit you to just those very very few lenders who lend to lower credit scores, but rather open the doors to just about every lender out there, so you'll have more options. By having more options, you will no longer be restricted to the ridiculous rates these that the people with lower credit scores are subject to.

If you're ineterest, I deal with this very same issue on about 50% of my clients. I am always available to meet in one of our Queens offices, should you need a Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
0 votes Thank Flag Link Thu Mar 14, 2013
Thank you Javier. I really appreciate the frank advice. Do you personally help people in my situation get home loans. The reason I am asking is because I need someone that knows the business and can direct me in the right path.
Flag Thu Mar 14, 2013
Best thing to do is contact your bank or mortgage companies, also you can check lendingtree.com and get prequalified.
0 votes Thank Flag Link Thu Mar 14, 2013
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