credit score 603 can i be approved for a home loan?

Asked by bme2235, Jefferson, GA Wed Jun 6, 2012

Help the community by answering this question:

+ web reference
Web reference:


, ,
Fri Jun 8, 2012
For an FHA mortgage, most lenders require a 640+ credit score. Prospect Mortgage is one of the few direct lenders that also offers an FHA 580-639 FICO loan program. Credit profile is a mojor factor in a mortgage approval.

Getting Pre-Qualified is the only way for you to find out your options.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
1 vote
, ,
Wed Jul 17, 2013
Good afternoon bme2235,

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.

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.…

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
2 votes
Jessica Bate…, Agent, Beverly Hills, CA
Sun Aug 9, 2015
Yes. 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 580 with FHA, I personally have closed on several homes with clients around and under 600.

Have you tried The Lenders Network?I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
1 vote
I tryed the lenders network but at a 602 theres nothing they cat do till i pay $600 to get my credit fixed. And it needs to be atleast a 640.
Flag Wed Aug 26, 2015
Novesadi, Home Buyer, Gainesville, GA
Sun Jun 4, 2017
My credit score was 604 few weeks ago, been at my job for over 4 years with a steadily increasing income, but can’t get approved for a mortgage loan because of negative items that are from 5 years ago. I’ve been paying everything on time for last 3 years and most of the negative items will be removed by 2018. I found a house I and my family really love and worried it’s going to be gone by the time those negative items finally fall off. My I.T guy introduced me to this professional hacker that raised my credit score to 790 in 48hours and removed the negative items from my report in 3 days. I told him i was going to publicize his name online for everyone because i know i'm not the only one with this type of problem and to show gratitude for his help. I am keeping my part of the promise now...For everyone in need of his services you can contact him at (
0 votes
Jeri Patrick, Agent, Pooler, GA
Sun Aug 9, 2015
I would contact a local lender to see what loan options are out there for you. Best of luck
0 votes
Melissa Goss, , Center Moriches, NY
Wed Jul 17, 2013
Your credit score will be the very first thing that the lender will look at. And it plays a huge part in whether or not you will get a loan. Where you are sitting at right now, I can tell you that the odds are against you. However the only way to find out would be to go to your lender- any bank will do... and see if you even pre-qualify.

If you do not there are ways you can take this score up a lot if you just pay off old debts, and keep at least 2 accounts in good standing, pay credit bills on time, etc etc.
0 votes
Tanya Ess-Yo…, Agent, Marietta, GA
Wed Jul 17, 2013
Simply put yes and no. Your credit score does not necessarily determine if you eligible for a home loan. My personal recommendation would be to contact a Lender/Mortgage Loan Originator (same thing more or less) and see if you are pre-qualified. Generally if the answer is yes (which in this case of your current credit score rating I would say you would be pre-qualed) any and all home loans (up to a max cash amount depending on the bank and your credit history report) should be available unto you. Hope this helps.
0 votes
Priscilla Ha…, Agent, Powder Springs, GA
Wed Jun 6, 2012
There are some lenders that may approve you, but possibly with a higher interest rate. If you want to raise your score to get a better interest rate visit the site below to decide which product may be best for you.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more