Home Buying in Victorville>Question Details

Joan Trottier, Home Buyer in Old North Sacramento,...

credit score is 606 but have excellent mort. payment history

Asked by Joan Trottier, Old North Sacramento, Sacramento, CA Wed Feb 23, 2011

could I qualify for a mort. loan?

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Not all lenders are created equal. Some lenders actually will allow lower credit scores than others. I would recommend shopping LOCAL lenders to find one that will work with your situation. If you need help, feel free to give me a call. I'd be glad to help!

Bo Goulet, cdpe
Certified Distressed Property Expert
DRE #01854568
Shear Realty
Mobile: (760) 713-6137
0 votes Thank Flag Link Wed Feb 23, 2011
Yes, We have some lenders that can qualify FHA borrowers with credit scores down to 600. It depends on your market but there are loan options out there for you.

Jack Murray
Long Realty - Tucson, AZ
http://www.GoTucsonRealEstate.com
0 votes Thank Flag Link Sat Jun 18, 2011
Joan, since you haven't heard from a lender yet I thought I'd throw in my two cents - it depends. The vast majority of the lenders now have 640 or 620 as a minimum score - the problem with putting much weight on that statement is that a)your score is only one of many criteria we have to look at, and b)it might be possible to raise your score above the 620 threshold even if that were the only roadblock. Finally, there are a couple of FHA home loan lenders we work with that still lend to borrowers with FICO scores below 600.

The good news is that it's not very expensive for you to get a game plan from a lender and it isn't very difficult. You'll just need to complete an application and pay about $17 for a credit report and then the lender can help you form a plan. If you don't qualify today it's possible it might only be 30 days to correct whatever needs to be fixed.

If you'd like help with this we'd be glad to be of assistance. We've helped many clients build their road map to home ownership. Just click on our web link below. Don't be put off by our WA address - we're both Sac State graduates!
0 votes Thank Flag Link Wed Feb 23, 2011
Hey Joan ,
Thanks for asking , unfortunatly this question suppose to be asked to a lender which I can direct you to couple names you can trust,but I can give you an idea that 606 score is low,you have to work on it ,if you seek help from a lender ,he will find out what is the problem & how to fix it fast ,you are close to be approved.
Unfortunatly you mortgage history doesn't count.
Please e-mail me to provide you with the lender's contact info.
GOOD LUCK
0 votes Thank Flag Link Wed Feb 23, 2011
If you are pulling your credit scores yourself you can get a false account. You need to contact a local lender in your area. It will only take about 15 minutes on the phone and the lender can tell you if you qualify for a mortgage, if you qualify for any assistant programs that can pay your down payment and closing cost, or if you don't qualify what you need to do to qualify in the next months in order to purchase. Most lenders want a credit score higher than 606. Contact a locat lender today. No cost to you for their valuable imformation.
Web Reference: http://dianeharmon.com
0 votes Thank Flag Link Wed Feb 23, 2011
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