My credit score is 630 with yearly income of $50,000.00. Would I qualify for morgage at a reasonable rate?

Asked by Rob, Hawaii Sat Nov 15, 2008

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Jessica Bate…, Agent, Beverly Hills, CA
Thu Aug 1, 2013
Yes you can get approved with a score under 640 for an FHA loan with a select few lenders. I have had several clients get an approval with scores even below 600. I suggest going to The Lenders Network. They are kind of like Lending Tree for people with lower credit scores.

Good luck!
2 votes
Anna Garcia,…, , Mililani, HI
Mon Nov 17, 2008
Hi Rob,
There are many factors that go into qualifying for a Mortgage Loan. FICO score is a major aspect, but each person's situation is unique and more so with particular properties in it's best to sit down and talk to a Lender and/or a Realtor, who is knowledable about loans and can refer you to at least 3 loan specialists.

Having a good & comfortable rapport with your Realtor & Loan specialist is also important. You should be comfortable asking them questions and also feel like they are trying to educate you and show you options. Great agents and loan specialists will always take the time to get to know your situation, so they know how best to guide you through the process.
1 vote
., , Kailua Kona, HI
Mon Dec 7, 2009
At this

The best advice would be to work with some who can help you repair your credit. By improving your credit score to over +700 points will save you lots of $$$ in the long run.

Kind Regards,
Andrew Meislin

Lauhala Mortgage
74-5620 Palani Court; Suite 208
Kailua Kona, HI 96740

Phone: (808) 331-0585
Fax: (808) 331-0583
0 votes
Frank Diaz, Agent, Honolulu, HI
Sat Nov 15, 2008
Send me an email and I will send you the names/numbers for three lenders.
They're the experts, so go directly to them. Car payments hurt a lot, so try to cut those down as much as possible
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0 votes
Daniel, , Baton Rouge, LA
Sat Nov 15, 2008
depending on your debt to income ratio, you may qualify.
0 votes
Paula Sunshi…, , 32561
Sat Nov 15, 2008
What's a reasonable rate? How much do you have to put down? Old timer will tell you anything under double digets is a good rate. Talk to a lender in person and they can give you the anwsers you are looking for.
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