I have a an equifax score of 618 through myfico.com. Is this website accurate, and if so, can I qualify for a mortgage loan with a score of 618.?

Asked by Gabriel Ortiz, Greer, SC Mon May 6, 2013

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5
, ,
Tue May 7, 2013
Good evening Gabriel,

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

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2 votes
, ,
Mon May 6, 2013
Gabriel,
There are lenders that will approve a score like that but my experience has shown that you have a better than average chance of being denied in the end due to their overlays. For instance, you may not be allowed any late payments in the last 12 months, or any open collections over a certain amount.
For your best chance at an approval - a real approval - you should have a 640 or better mid credit score. And in regard to the score you obtained on MYFICO.COM, I would not rely on that to be what a mortgage company would pull. Call a reputable mortgage broker and have them run your credit. Our company will do that for you at no charge and counsel you on what you need to do to achieve that 640 or better score so you can buy with confidence.
Thanks and good luck!
Valerie Lee
Upstate Mortgage, Inc.
864-232-3830
1 vote
Aris R Mendez, Agent, Greenville, SC
Tue May 7, 2013
Gabriel,

Si tu hablas Espanol mejor que Ingles asesorese con un agente de hipotecas que habla su idioma por que el lenguaje es muy complicado.

Yo soy un Realtor aqui en Greenville, SC y hablo su idioma y le puedo ayudar si usted desea.

Buen dia!

Aris Mendez Realtor
864-567-5114

http://www.greenvilleURhome.com
0 votes
Amanda Rount…, , Greenville, SC
Mon May 6, 2013
I know of several great lenders and I'd be happy to give you some contacts and let them direct you on your current score and where you should precede. If you are not able to qualify for a mortgage at this current time, they will be a great resource to let you know what to do to bring your number up.

Amanda Rountree
864-420-2923
0 votes
Andrea Jones, Agent, Joplin, SC
Mon May 6, 2013
Gabriel, I do have a lender that can do loans with a middle score of 600. If you want to email me or call or text me (jonesgirlsells@aol.com). cell phone (404)-422-7086. I will be happy to give you his number.

Andrea Jones
0 votes
Do you have a contact in Indiana?
Flag Wed Sep 24, 2014
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