my wife and i are looking to buy our first home, my credit score is 588 and she is in the 700's, should we have any problems getting pre

Asked by Asst.chief, 14541 Fri Oct 15, 2010

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Monir Mamoun, Agent, Denville, NJ
Fri Oct 15, 2010
hi Asst, technically you can qualify for FHA with as low as 580 for most rates, 3.5% down. But you will do best with 620+ credit. You can achieve this MOST quickly, if you have credit cards, by paying off ALL your credit cards to UNDER 35% of available credit, and KEEPING them there for at least 3 months.

For more tips read my blog, Top 10 Credit Myths. Link below. Good luck.
1 vote
Kevin Olson,…, Agent, Colorado Springs, CO
Fri Oct 15, 2010
There are a lot more things given consideration than just credit score, such as income, job history, debt, etc.

Depending on the type of financing you are looking for, sometime the credit scores will be averaged, and other times they will look at the lowest score 1st. Contacting a lender is the only way to find out if you can qualify, and from there you will know what options you have.

Best Wishes,
Kevin
1 vote
Sam Cino, , Rochester, NY
Mon Mar 17, 2014
Hello Asst. Chief-

Most lenders have minimum score of 620 so you will surely encounter some challenges along the way. However, there are some aggressive lenders out there and if you don't qualify now you may with a few tweeks to your report. Feel free to contact me for more info.
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sat Oct 16, 2010
Yes - you will have a problem being approved in a joint loan application. She can get an approval on her own with her credit score. You will have to raise your score above 620 before you can be approved.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Sat Oct 16, 2010
Talk to a good mortgage broker or bank (I would imagine a mortgage broker would be your best bet because they usually have more products to offer). They could give you different scenarios on getting prequalified. You may also want to look into renting to own, rent with an option to buy or for an owner willing to hold the mortgage. Good luck!

Ralph Windschuh
Associate Broker
Certified Buyer Representative (CBR)
Senior Real Estate Specialist (SRES)
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties
Top 2% of Century 21 Agents Nationwide
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