I have a credit score of 627. What are my chances of getting approved for a loan?

Asked by kelli, 46241 Tue Nov 6, 2012

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Maria Cipoll…, Agent, Coral Springs, FL
Wed Nov 7, 2012
With mortgage rates historically low, Lenders are very strict and will be looking at everything.

- Income
-Credit History
-Employment history
-Cash available in the account for downpayment and closing cost

Shop around for a mortgage broker they have access to many banks, private lenders and many different programs.

Best of Lu7ck,

Maria Cipollone
Century 21 Tenace

2 votes
George Adley, Mortgage Broker Or Lender, Jacksonville, FL
Tue Mar 14, 2017
A financial solution from Cardinalhealth Finance has many advantages over a traditional commercial loan from a bank. They offer low interest-loan facilities to both commercial and residential properties.
0 votes
Dan golubiew…, Renter, New York, NY
Sun Mar 12, 2017
I have a 627 tramsunion credit score and make roughly 100k a year what's my chances on first time buyer mortgage
0 votes
Eugenia, , Indianapolis, IN
Sun Jul 7, 2013

It depend on what mortgage lender you speak with. I recommend a good agent to help you and they will recommend a good mortgage company.

Jamelle Walker

He is good.

Best of luck
0 votes
Julie Barnett, Agent, Lebanon, IN
Fri Jan 4, 2013
As far as I understand it, FHA loans will be considered for FICO scores around 620 and that would require a 3% downpayment, but it would be best to just check with a mortgage professional and I'm sure they can fill you in on if you qualify or not. Another thing you can do is to visit each of the three (3) credit reporting agencies (Experian, TransUnion and Equifax). You are allowed a free credit report from each agency each year. Their websites will also give you tips on what you can do to improve your credit score. Sometimes it is something very simple that can make a big difference points. Be pro-active. There is help for you everywhere that will get you into that home you dream of.
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Fri Dec 14, 2012
Looks like you have gotten some good advice - Good luck and congratulations!
0 votes
Tom McCollis…, Agent, Indianapolis, IN
Fri Dec 14, 2012
You're probably already working with someone, but if you still have questions or are still looking for a lender to see about approval, contact me, I am more than happy to help in anyway I can.

Tom McCollister
Keller Williams Realty
0 votes
Cathy O'Bani…, Agent, Indianapolis, IN
Sat Dec 1, 2012
A credit score of 627 sounds pretty simple to me. Congrats! I just sold a new home to a couple with credit scores of 620 & 625. Based on your income & time on job you probably qualify for a new 2000 square foot home in a township school district for under $1000 a month! 317-697-9340
0 votes
Nicole Peters, Agent, Indianapolis, IN
Wed Nov 7, 2012
Hi Kelli,

I am a realtor with Century 21 Scheetz in Indianapolis. There are are so many other factors that are taken into consideration for a loan approval. However, your credit score is in range of where you need to be! I'd love to help you with your loan approval process. Please feel free to visit my web site at http://www.nicolepetershomes.com or call my cell at 317-339-1900.

Have a great day!
0 votes
kelli, , 46241
Wed Nov 7, 2012
Thx everyone. Helps a lot!
0 votes
Doug Coello, Home Buyer, 46237
Wed Nov 7, 2012
I am not an expert when it comes to finding out if my clients are approved for a home loan. Our office utilizes SCOTT DILLON from STONEGATE MORTGAGE company. He can help you with this process. You will not be under any contract but he will be able to let you know what you need to do if you are. Don't forget to mention my name if you decided to talk to him.

Below is the link to his web page and good luck

0 votes
Peter Knight, Agent, Fishers, IN
Wed Nov 7, 2012
Hi Kelli,

Quite good. Call my son Jon at Primary Residential Mortgage, (317) 579-0232 x20

Peter Knight
RE/MAX Ability Plus
(317) 529-4178
0 votes
Meg Owens-Ha…, Agent, Bellevue, WA
Tue Nov 6, 2012
Hi Jon,

Actually you are pretty close. But that score is relative depending upon where you got it from. If you got it from an online source, chances are it is lower than your 'Factual' credit score, or the one that you will receive on a Tri-Merge Credit Report pulled by a mortgage professional.

Nationwide, most lenders will have loan programs available in the credit score range of 620 -640 with FHA/VA/USDA financing. Check for State and County bond programs in your area, too! They can be a great way to save money on down payment, closing costs and other costs associated with purchasing your new home.

Jon Griffith is absolutely correct in that you will need to check with a mortgage broker serving your area. It may be a good idea to ask Jon who he recommends since he is there in your local market and probably has someone top notch available.

If you find that your Factual credit score does not add up - call or email me as my office also handles credit restoration services and can often get those scores up quicker than you might imagine possible. I can be reached at 253. 961. 3613 or megoharrison@gmail.com.
Web Reference:  http://www.mega-pros.com
0 votes
Jon Griffith, Agent, Scottsdale, AZ
Tue Nov 6, 2012
You need to ask a mortgage broker or banker.
0 votes
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