I have a 630 credit score can I get a mortgage w/ that score?

Asked by Michelle Secor, Chicago, IL Tue Aug 20, 2013

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 24, 2014
It may depend on what type of loan you are looking for and what lender you choose to go to. The average minimum that lenders are willing to expect would be around 620. But this is the average so some lenders may go as 580 and some may want a score as high as 680, you just have to shop around. I would think you should be able to apply for a loan but it also depends on other factors as well like the lender, loan, income, employment, and other things as well. I do recommend that you still try to increase your credit score because it will always be to your future benefit. The most effective way to fixing your credit score is to pay your revolving credit card balance and debt. If you've had a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.

I hope this helps! If you found this comment helpful, feel free to leave me a recommendation on my profile page.

Good Luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
1 vote
Yolanda Jack…, Home Buyer, Rockford, IL
Tue Aug 25, 2015
Yes, you can get an FHA Loan with a 580 credit score. a site like The Lenders Network is a perfect place to start. They have several lenders in their network that work with people with credit issues.. Good luck!
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Wed Aug 21, 2013
absolutely, there are several banks that will book that loan and your interest rate wont be extra high either. make sure if you have any collections adding over $1000 you must satisfy them before you can close.

Riccardo Wardlow
Quality Mortgage Lending


*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes
Chris Fischer, Agent, Homer Glen, IL
Tue Aug 20, 2013
Yes, there are some creative lenders that can get loans done with credit scores as low as 600, but most will include a higher interest rate and possible larger down payment. I would suggest inquiring with a mortgage broker as opposed to a "Big Bank" (i.e. Bank of America, PNC, Chase, etc.).
0 votes
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