I have a Fico score of 610 make $100K per year and have total debt of $14K . I can put down 10 to 15%. Can I get a mortgage now?

Asked by Santrey, Memphis, TN Tue May 31, 2011

I am looking at a house with a purchase price of $363K. I would like to buy the house by the end of June or beginning of July this year. I am looking for a mortgage company or bank that can help me. I would appreciate any advise. Thanks!

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15
Jessica Bate…, Agent, Beverly Hills, CA
Tue Jul 16, 2013
Yes. FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
4 votes
Danny Freeman, , Memphis, TN
Tue May 31, 2011
I have a lender than can DEFINITELY do a 610 score Call me at 406-3224.
1 vote
Megan Miller, Home Buyer, Fresno, CA
Wed Jun 17, 2015
You can get an FHA loan with a 610 credit score, have you tried The Lenders Network? They referred us to a lender that was able to approve us with a 600, even when we were declined by multiple banks. I would highly recommend them. Good luck!
0 votes
Clarence Clay…, Agent, Memphis, TN
Mon Dec 23, 2013
Not sure if you have found you home since your question, but I can assist you in making that allusive Dream possible. Please give me a call at 901-643-9729 or email me at clay.dickson@crye-leiek.com
0 votes
, ,
Wed Jul 17, 2013
Good afternoon Santrey,

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!
0 votes
Renee Farrell, , Memphis, TN
Tue May 31, 2011
Yes, you should be able to qualify for a mortgage. Have you considered paying off your other debt with the 10-15%, you could put down on a home. That would still leave you with a good amount to be put down and your credit score would most likely increase as well. Please let me know if I can assist in any way. Another options is there are several different types of loans, a lender could help determine which best meets your needs. You can choose any lender you prefer, I recommend shopping them out. I have a few recommendations if you'd like. Congrats on your decision to purchase a home.
Renee Farrell
901-590-5109
Keller Williams Realty
"life is to be enjoyed not just endured"
0 votes
Carrie Crowe…, Agent, Southaven, MS
Tue May 31, 2011
Santrey,
There are a few lenders that are doing credit scores at 600 and above. If you need a local lender to help you I can connect you to some great ones! If you would like more information on lenders that are willing to work with you call me at 901-832-7704 or email me at carriecrowell@kw.com.

Happy Hunting!

Carrie Crowell
Keller Williams Realty
Southaven, MS
901-832-7704
662-892-4000
Web Reference:  http://carriecrowell.com
0 votes
Don Tepper, Agent, Burke, VA
Tue May 31, 2011
It looks like your basic question is answered.

Just one observation: You're earning good money. You apparently have about $50,000 in cash (reflected by your ability to put 15% down on a purchase price of $363,000). You have relatively little debt. So . . .

Why is your credit score so low?

This isn't meant as a lecture, but--really--with what you've presented here, your credit scores should be a lot higher. And they probably could be in a matter of months. A mortgage broker could advise you what steps to take to raise your numbers. Maybe pay off the debt you have. Maybe a few more months of making payments on time. Whatever.

Is it absolutely necessary to buy by the end of June? If you're worried about prices rising, that's not likely to be an issue. Interest rates might rise a bit. But you'd be in a much better position to buy if your scores were around 680 or so. And from what you've provided, it looks like that's easily do-able in the near future.

Hope that helps.
0 votes
Kevin Myles, , Memphis, TN
Tue May 31, 2011
Hello Santrey,

Assuming 610 is your middle score, you should be able to get a mortgage now depending on additional information as to how much money you may need to have in reserves, your rental history, etc.

Depending on who you bank with (checking and savings), you may want to inquire with them since you have a banking relationship.

If you'd like other referrals, please let me know.

Best wishes,
Kevin Myles
Priority Properties
901-213-8499 phone
0 votes
..., , Lexington, MA
Tue May 31, 2011
Perhaps. I know of one place that would accept your score, but credit is far more than a number - there are details within a report that lenders consider.

It's getting late to be closing by the end of June or start of July if you don't have a pre-approval or an accepted offer yet... you had better get moving along!
0 votes
Albert Lee, Agent, Germantown, TN
Tue May 31, 2011
Good possibility. Usually, FHA requires 620 and above. But it sounds like you could achieve that with few minor adjustments to your credit... As other agents mentioned below, if you would like some real-time answer, let me know!
0 votes
Hamza Ibrahim, Agent, Nashville, TN
Tue May 31, 2011
Depending on the mortgage company but you have a good chance. I know you probably at least qualify for an FHA loan.
0 votes
Chris Mannino, Agent, Nashville, TN
Tue May 31, 2011
I have a lender that may be able to help you. Feel free to give me a ring.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue May 31, 2011
There are other factors besides credit that determine mortgage qualification; therefore do visit with any qualified loan officer, after reviewing your overall financials, credit and debt a determination on qualification can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future; 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
Sally Grenier, Agent, Boulder, CO
Tue May 31, 2011
I'm not a lender, but a score of 610 is a little on the low side. You should talk to a few lenders or mortgage brokers who can look at all of your info, and see what you qualify for. They may also be able to help you repair the credit score. Sounds like you make plenty of money and have a decent down payment. Why the low credit score? You may have some outstanding debts that could be paid down, or paid off completely that will improve your score. Good luck!
Web Reference:  http://www.sallygrenier.com
0 votes
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