I have a middle score of 625...can I buy a home?

Asked by Jan, 28269 Tue Aug 10, 2010

I have a middle score of 625 with about 4 collections on my reoprt (but I know for a fact and from the the bottom of my soul are not mine). I want to buy a house in Charlotte, NC. I am a first time homebuyer wanting to relocate from NJ. Is ther any hope for me without paying off someone elses debt?

Help the community by answering this question:

+ web reference
Web reference:


Jessica Bate…, Agent, Beverly Hills, CA
Sat Aug 10, 2013
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 600 or lower with FHA, I personally have closed on several homes with clients under 620. Check out The Lenders Network they have a few lenders that can help.
4 votes
Jan Teel, Agent, Matthews, NC
Tue Aug 10, 2010
Hi, Jan! I am Jan, as well - short for Janet. (Only my family refers to me that way these days.) LOL! I've had great success in getting loans through and assuring the very best rate of interest for my clients by using a reputable lender. If you are ready to take the next step I suggest that you go to: Jim Garrison, Branch Manager,Mortgage Consultant

It’s easy to apply on-line at his website, http://www.jimgarrison.com
Phone: 704-488-5020
e-fax: 866-935-5065

When you have taken those steps, if you need a partner to help you find the right house for you, please feel free to give me a call. If you already have a buyer's agent, I wish you all the best in your real estate journey. I am sure you will love being an owner vs. a renter!

Blessings upon you...
Jan Teel
TEEL Realty
704-641-0267 (cell)
3 votes
, ,
Sat Aug 10, 2013
Wow Spamming Trulia Jessica. Same Answer on 100 different posts

Way to offer great insight to the Trulia community.
0 votes
frankmatut25…, Home Buyer, Charlotte, NC
Sat Jan 19, 2013
can i buy a house my credit score is 629 experian.. there are some collections like 5 collections those are very old accounts more than 7 years in credit bureau. there are suppost to take off from my credit bureau till july 2013.
0 votes
desiree_hill…, , Charlotte, NC
Sun Apr 1, 2012
Hi Jan,

Unfortunately if they are on your credit report they will need to come off or be paid. There are ways to negotiate the bills. If you are positive they are not yours contact the credit B. and request they be investigated and removed if they are found in error or if they can't be verified.

The process may take 30-60 days.

Desiree Hillard, Broker
Nathaniel Duclos, Broker
Keller Williams Realty
0 votes
Relluvion RE, Agent, Charlotte, NC
Sat Aug 20, 2011
If you're capable of putting 10% or more as down payment, there are a couple of lenders I personally know that are willing to lend with credit scores as low as 580. Your credit score of 625 should be suffice for an FHA loan with only 3.5% down. However, credit score is not the only factor.

Also, there are other programs out there that offer down payment assistance or 100% financing. I'd love to see if you qualify. You're welcome to contact me directly for a consultation and I'll lead you to the right direction. I only work with the best lenders in the industry.


Belinda Agosto
Broker, CDPE, CIAS
0 votes
Ghennet Gher…, , Charlotte, NC
Mon Sep 13, 2010
Hi Jan

Navigating the credit maze can be confusing and discouraging. If the items on your credit do not belong to you, there are some things you can do. I've helped buyers with scores in the 620 range purchase a home without having to do anything to their credit. Its truly subject to reviewing your credit report.

The other thing a lender will look at is employment history. Will you already have secured employment when you move to Charlotte?

Let me know if I can answer any other questions you may have.

Register at http://gg.wilkinsonandassociates.com/ for a complete list of homes in the Charlotte area.

Ghennet Gherezghier


Wilkinson & Associates

Phone- 704-641-5865

0 votes
Donna, , Charlotte, AR
Tue Aug 10, 2010
I believe your question should be answered by a qualified loan officer. Call me at your convenience.
Donna Wattinne
Showcase Realty LLC
0 votes
Melissa Brown, Agent, Charlotte, NC
Tue Aug 10, 2010
Dear Jan,

This is a coincidence! I was just looking up Matt Taylor's contact information. He's with Coldwell Banker Mortgage, and he is fantastic. If anyone can help you through the crazy lending standards these days, it's Matt! Once he helps you determine your "purchasing power," feel free to call me to talk about what you are looking for in your Charlotte home. I've helped lots of clients from New Jersey! One just closed on her new home on July 29 (NJ folks love the taxes here in NC!)

Best wishes to you, and feel free to email me with any questions at Melissa@MelissaBrownHomes.com
0 votes
Matt Taylor, , North Carolina
Tue Aug 10, 2010
I can help you with credit scores down to 600. Feel free to call me anytime and I will be happy to work something up for you. In addition if you are not working with an agent I have several very reputable ones that work in this zip code.

I can also work with you on the collections depending on age or possibly have them removed alltogether.
0 votes
dave, Agent, Charlotte, NC
Tue Aug 10, 2010
The best answers you ahve received are to talk with a mortgage professional. I have one comopnay I use that can get people approved with scores as low as 600. Depending on the collections and what else you have on yoru credit report you probably can get approved. If you want to give me a call i would be happy to connect you with my mortgage professional who can give you an answer rather quickly.
Web Reference:  http://www.davedicecco.com
0 votes
NA, , Charlotte, NC
Tue Aug 10, 2010
Hi Jan,

As others have said, you really need to speak with a mortgage person. In general, you need a minimum of 620, and in certain cases, with an FHA loan you can get approved with less than 620. However, any sort of collection activity on your file poses a potential problem. Another consideration to your relocation, do you already have a job lined up? If you don't, you most likely will not get approved for a mortgage here in Charlotte, since you would not have the monthly income to support the payment.

I have an excellent mortgage guy that can take a look at your finances, and let you know where you stand and what you would need to do or clean up to get on your way to buying a house. Give me a call sometime to discuss your situation further, and if needed, we can involve my mortgage partner and find out what needs to occur. Even if you can't buy, I can help you find a rental here in Charlotte.

All the Best,

Josie Mazzaferro
Allen Tate Company
0 votes
Allyson Ward, Agent, Charlotte, NC
Tue Aug 10, 2010
I've gotten at least 5 closed this year with scores under 620... You'll need income when you're here. Have you applied for a mortgage yet with a reputable lender such as BofA yet? Therein lies your answer. Let me know if you want the information for a very very good loan officer that will hold your hand throughout the process. Thanks!
0 votes
Scott Jensen, , Charlotte, NC
Tue Aug 10, 2010
Hi Jan,

Our preferred mortgage broker has been able to get a few of my clients pre-approved with scores around the 620 range. I would be glad to talk to you about your specific situation and if we could get you qualified.

Feel free to give me a call at your earliest convenience.

Scott Jensen, MBA, Realtor
Carolina Realty Advisors
(704) 936-6436
0 votes
Matthew Trin…, Agent, Charlotte, NC
Tue Aug 10, 2010
Hi Jan,

As others have mentioned, you definitely want to get those things cleaned up on your credit report. It might take a little bit of time, but it will be worth it when you purchase. I can put you in touch with a loan officer who is excellent at this type of thing. Just let me know.

Best Wishes,
Matt Tringali
Owner of Group 15 Real Estate
0 votes
Ruth McMaste…, Agent, NC,
Tue Aug 10, 2010
A Good lender can help you get rid of the those collections that are not yours. Or you can deal with the credit agencies yourself.

You can probably get financing as it is, however, I would think you would
want to get those removed so you might qualify for a better program.
0 votes
Kelly Sniate…, Agent, Matthews, NC
Tue Aug 10, 2010
Hi Jan, I know a couple of good lenders that should be able to work with you. If you are interested just let me know and I can get you intouch with them.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Aug 10, 2010
Person you need ask all your questions to is a mortgage broker not a Realtor

You would require:
At least credit scores 625 + ,
3.5 % or more down payment,
2 year employment history with breaks of work history,
debt / income ratio in balance.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Aug 10, 2010
You really need to consider having those negatives removed from your credit, especially if as you state, they are not yours--Not knowing your oevrall finances--visit with any qualified loan officer(s) and see if you qualify, how much, and have your credit score checked, as their scoring is often different--then go from there.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more