If my credit score is 620 or lower is it impossible to get into a home,if not what is the best way for me

Asked by Verosanchez, 77381 Thu Jun 18, 2009

im a single mother of two.

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Mary Ann Lip…, , Spring, TX
Thu Jun 18, 2009
The very best person to answer this question is a lender. They will need to pre-qualify you for a home

write me at springrealtor@sbcglobal.net
for more information
1 vote
Dana Schuster, Agent, Slidell, LA
Thu Jun 18, 2009
620 is fine for an FHA with 3.5% down & some lenders are able to take 580-585 depending on other factors. your best option is to sit down with a reputable local lender to discuss your situation.
1 vote
Courtney Har…, , Spring, TX
Thu Mar 8, 2012
It's not impossible! You will need to contact a mortgage consultant so they can help you determine what your best options are. If you would like recommendations for a good mortgage rep in our area, I can give you the names & info of some that my previous clients have had great experiences with. Just message me! Good luck!
0 votes
Edith Raney, Agent, Houston, TX
Wed Feb 8, 2012
The fact that your credit score is below 620 can be based on several factors. If there is lack of credit history, you may be able to build your score by reporting credit lines you may have that have not been reported. If it is derogatory history that is unfounded or reported multiple times, it may be removed. If it is bankruptcy or foreclosure, it is often at least 4 years before you can buy through a conventional lender. There are many things that bring down scores and a good lender or credit repair company can help you through this process.

You may be able to buy a home if you can get your credit up some or if we can find an owner finance home. There are approximately 900+ homes on the market right now in the Houston area that are owner finance.

Please use caution in using a credit repair service. Be wary of anyone who wants to charge high up front fees, as there are companies that do not do this.

Buying a home for you is NOT impossible. It may take a little time and effort to get there, but do not give up. Owning your home is definitely worth the time and effort it may take.

Edith Raney,
Prudential Gary Greene,
The Woodlands, TX
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Fri Jun 19, 2009

Here is a free book about credit. You may be able to get your score over 620 pretty quick.
0 votes
Kim Olson, , Denver, CO
Thu Jun 18, 2009
You know...in all honesty...if you need some time to get your credit score in a "better place", maybe you should consider a "lease purchase"...I know most agents don't like these type transactions...but we are living in a "different world" right now...and if negotiated correctly...a lease purchase contract could be a good solution for you.
0 votes
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