could i get a mortgage with a 544 credit score?

Asked by veronica buckles, Freeport, NY Sat Jun 23, 2012

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6
Anna M Brocco, Agent, Williston Park, NY
Sat Jun 23, 2012
Consider improving your score first--the better the score the better the rate; for a personalized answer regarding mortgage qualification, do visit with any licensed loan officer....
2 votes
Janet Nation,…, Agent, Baldwin, NY
Tue Jul 3, 2012
Well there will be those mortgage specialist that will tell you they can get you a loan but of course you will get the worst possible terms, so don't do it. Focus on improving your credit score to the minimum acceptable standard of 640. You don't need to pay anyone to get that done either. Sit down with a loan officer that can pull your report and tell you what steps you need to take to remedy your score. Sometimes depending on what it is, eg late on a student loan payment, will only heal with time and you'll have to wait. If you need assistance on where to start, feel free to reach out to me.
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Aug 6, 2012
Good afternoon buckver1497,

The state of the economy isn't helping. It's not enough that housing sales are down, property values are declining and mortgage lending is tougher than it's ever been. With the state of this economy, more and more folks face daily challenges due to job loss or reduced incomes. Their credit is suffering as a result. Yet, these same folks still harbor the dream of owning a home.


We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes
Cindy mckell…, Home Buyer, Atlanta, GA
Sat Jun 23, 2012
I assist in consulting with guaranteed results within 2-6 weeks, depending on your credit file and need for repair. I am an expert in this field. If you would like to contact me my number is 212-470-3356 Cindy McCain. I also can assist and consult in protecting you from credit and Id thief.
0 votes
Cindy mckell…, Home Buyer, Atlanta, GA
Sat Jun 23, 2012
I assist in consulting with guaranteed results within 2-6 weeks, depending on your credit file and need for repair. I am an expert in this field. If you would like to contact me my number is 212-470-3356 Cindy McCain
0 votes
Arlynn B. Pa…, Agent, Roslyn Heights, NY
Sat Jun 23, 2012
Your best bet would be to speak with a licensed mortgage broker or a lending institution, however, it would be much better to improve your credit score first since the rates will improve as the score is improved!
0 votes
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