Katieboo78, Home Buyer in Clarksville, TN

I'm looking to sell my current home and buy I new one. I have been told that if your credit score isn't over 640 you can't get

Asked by Katieboo78, Clarksville, TN Tue Jan 24, 2012

financed. Even if I am paying 30,000 down. Is this true? Clarksville tn

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Terrence Ask…, , Brentwood, TN
Tue Jan 24, 2012

You received some good advice from some of the agents below. I would suggest you talk with a knowledgeable lender as well. Some programs you can qualify with a lower score. Being that you are in Clarksville, are you a Veteran? Credit score requirements are lower on these loans. How is your mortgage history on your current home? Can you get approved with both mortgages? As you can see, the credit score isn't the only thing we look at.

Since you are putting a sizable down payment, this should help you with an approval. If you have further questions, don't hesitate by emailing or calling me. I know a lot of personal information shouldn't be discussed in an opening setting like this.

1 vote
Caroline, , Clarksville, TN
Tue Jan 24, 2012
There is a large selection of reputable lenders who offer a variety of loan programs. Some of which may be offered with lower scores. Most lenders will be able to speak with you with no cost or obligations to determine your specific needs. They can then expain the programs available to you and set you on a path should you have current credit issues that may not qualify you at this time. It would be prudent to get the preapproval on the the loan for your second home prior to offering your current home for sale. Getting preapproved should not take long and will give you the peace of mind you will need in order to sell your home. Feel free to contact me with any questions or concerns you may have.
1 vote
Juanita Char…, Agent, Clarksville, TN
Tue Jan 24, 2012
That is not necessarily true. Different lenders have different requirements. I know of a lender who may be able to get you approved with a significantly lower score. My recommendation is for you to talk to different lenders and find out their requirements and let them know what your situation is. You may discover you're qualified, or come across a lender who will be able to provide credit counseling services to you to get you approved. If you have more questions or would like some lender recommendations, feel free to contact me anytime.
1 vote
Jeremy Bullo…, Agent, Clarksville, TN
Tue Jan 24, 2012
That is incorrect. There are some lenders who can do loans with scores as low as 600.
1 vote
Robert D Hug…, Agent, Devon, PA
Wed Jan 25, 2012
Katieboo what about FHA? I know people in my area who have been approved as low as 500 credit score. Ten percent down-payment and higher interest rate but still approved. Best to speak with some reputable and well experienced Realtors who can give you some lender referrals. As stated below the entire package should be reviewed not just your score.

Best of luck,

0 votes
Robert Cronin, Agent, Clarksville, TN
Wed Jan 25, 2012
There are lenders providing FHA insured mortgages with credit scores under 640. Some FHA approved lenders will go below 600. In the few cases seen, a score of 500 is required for a refinance and a credit score of at least 531 is required for a purchase.
I work with several reputable lenders that can find what works best for you.
Contact me with any questions or concerns you may have.
0 votes
Katieboo78, Home Buyer, Clarksville, TN
Tue Jan 24, 2012
I have spoke with 5 different lenders and they have all told me that unless the middle score is 640 or higher we can't get approved. We have 30,000 to pay down and they have said that it doesn't matter even if we have 100,000. We have 6 months to get our home sold and buy a new one. If you have any information on these lenders you speak of I would greatly appreciate it greatly!!
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