How likely am I able to buy a house with a 642 credit score and no debt besides student loans?

Asked by Audigyrlfym10, Douglasville, GA Sat Mar 23, 2013

That really lowered my cs!

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Tammy Hayes, Agent, Port Charlotte, FL
Wed May 21, 2014
There are some lenders providing loans with a credit score of 550 in our area.
0 votes
Jared OBrien, Agent, Fairburn, GA
Tue May 20, 2014
We have several brand new homes available in Fairburn in a nice new community with awesome amenities and ultra low HOAs. We work directly with GA Dream lenders, FHA, And VA to offer new 3, 4, and 5 bedroom homes with as little as 0 down. $500 earnest money and we pay closing costs. What others call extras we have standard (brand new whirpool appliances including the latest gas stove, oven, broiler, built in microwave with fan and under light, wide fridge, and dishwasher; fenced in back yard; cultured marble vanities; built-in pest defense system; ultra efficient insulation, windows, etc.; 10-year structural warranty plus many other warranties throughout the home; We are experts in purchasing, developing, marketing, and financing so we cut out the middle man all the way through giving the best home value far below everyone else. A+ rating with BBB and J.D. power and associated award winner for new home quality. 22nd largest home builder in the nation. Homes starting at $759 a month (Principal and Interest) for a 3 bedroom 2 1/2 bath two story home. We can work with all credit. Grand opening last week and already sold 8 homes, so give me a call at 404-423-2497
Jared O'Brien
LGI Homes
St. Joseph's
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Sun Aug 11, 2013
You can buy a house with that credit score. I would advise you to speak with a lender first. Any bank, credit union or mortgage broker can "pre-qualify" you for a monthly mortgage payment.

Check if you qualify for mortgage. Try http
0 votes
Lynel Adams, , Gainesville, GA
Mon Mar 25, 2013

The credit score of 642 is that the middle score of all 3? If it is, then you are over the 640 and as long as you have rental history and or 3 open trade lines or Alternative credit, you should be fine. My suggestion is to get with a "seasoned" loan officer that can pre-qualify properly. I have 23 years in the industry and would be happy to assist you if you have any further questions. Great question, thank you.

Lynel Adams
Sr. Mortgage Loan Officer
Silverton Mortgage Specialist, Inc.
NMLS 359696
0 votes
, ,
Sun Mar 24, 2013
Having student loans would not lower your credit score. Only missing payments or having collection accounts or liens would do that. The general minimum credit score for an FHA mortgage is 640+. There is much more that goes into a mortgage approval than credot score alone though.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Hey Rodney it actually lowered it because I thought they were in deferment after I lost my job of 9 years and they were not.
Flag Sun Mar 24, 2013
Solomon Gree…, Agent, Duluth, GA
Sun Mar 24, 2013
You may be at a good starting position, but there is more to be considered. Please don't attempt to answer any of these questions here, but think about them carefully.

1. Did a mortgage lender provide this credit score? Is 642 the median of all three or just one?
2. What is your income? Is it reliable?
3. If self-employed, have you been so for at least three years and kept good records?
4. Are you current on those student loans?
5. Have you been current on any other debt that you may have had over the past 12 -24 months?
6. Are those student loans in deferment for over 12 months?
7. If not, what is your debt-to-income ratio including those student loans?
8. Do you have the funds for a down payment?
9. Have you filed your 2010, 2011 and 2012 tax returns?

In addition, you'll find a list of items that are typically requested by the lender at .

I'd welcome the opportunity to speak with you about buying a property and provide a list of lenders to help you arrive at a decision about whether this is the best time for you to consider a home purchase.

All my best for a successful home search.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
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