Home Buying in Fresno-High>Question Details

Veronicagarc…, Home Buyer in Fresno-High, Fresno,...

is 654 a bad credit score to buy a house?

Asked by Veronicagarcia, Fresno-High, Fresno, CA Thu Dec 3, 2009

I have a credit score of 654, is that a bad credit score to buy a house? do I qualify to buy a house?

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No. Remember that lenders always look at the middle score of the three. Most lenders will approve you with 620 for an FHA and 720 and above for conventional loan (680 if you are refinancing). Also, the fico score is just one factor in getting a loan approval. The best thing to do will be to get a copy of your credit making sure no collections, late payments and/or other negative accounts are present in your credit report.

Now, in terms of qualifying for a house it will depend on other factors such as your income, your debt, length of employment, money for downpayment and/or money for closing costs, etc.
1 vote Thank Flag Link Wed Oct 6, 2010
Good Morning Veronica,

This is Frank Mandujano, Loan Officer with Greatland Mortgage Corp., here in Fresno. I was wondering if you have started the loan process. If you are looking to partner with a honest, and efficient loan officer, please give me a call (559) 244-4250 office and (559) 977-7238 cell.

I am located between E Shaw and Sixth Street.

Thank you,
0 votes Thank Flag Link Fri Nov 12, 2010
With a 654 we can offer you 96.5% financing and the seller can pay up to 6% of your closing cost.
0 votes Thank Flag Link Thu Jan 7, 2010
You are headed in the right direction by asking questions and starting to look at your credit and finances as mentioned by the Elva in her post to you. I specialize as a First-Time Home Buyer's Agent here in Fresno and Clovis. I have been in real estate for 15 years and would love to help you out. I have a trustworthy and knowledgeable in-house loan officer who can help you with all your questions. Feel free to give me a call or contact me via email at lynettebaker@hotmail.com or by phone 559-288-6382.


Lynette Baker
Relocation Specialist, First-Time Home Buyer Specialist
0 votes Thank Flag Link Thu Jan 7, 2010
Hi Veronica,

654 is not a bad credit score!

To qualify, underwriters look at credit score, debt-to-income ratio, stability of income, amount and source of downpayment, recent payment history, etc.

Best regards,

0 votes Thank Flag Link Thu Dec 3, 2009
Not at all we provide FHA home loans down to a 530 FIco score. As long as your have stable, predicatable income you should qualify for FHA financing. FHA home loans are approved on a common sense appoach to underwriting rather than a credit score driven approach like conventional home loans.

Purchases (Min 530 score)

o 12 month cancelled checks or Management VOR
o Must have 3 good recent tradelines
o Payment shock limited to 1.5 times
o 33/45 DTI max
o No late’s or collection in last 12 months
o NO late’s after BK
0 votes Thank Flag Link Thu Dec 3, 2009
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