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I have a credit score of 620. I just paid off my medical bills that were on my credit report and paid down my credit card. Will I be able to get a mortgage loan?

gmakerley · Posted: Mon Jan 25, 2010 11:26 am Post subject:

your credit score will qualify you with the vast majority of lenders for fha financing. since those rates are readily compatible with conforming rates, you'll find yourself in a good loan. of course, what we cannot comment on is your likelihood of qualifying based on job status, income, debt ratio, etc. you gave too little information for us to judge.

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I currently make about $65000/yr. About $1500/month goes toward secure and insecure debt (car payments/credit cards). My take home is about $4350/month. Will they factor in day to day living expenses for a mortgage loan? Like phone bill, power etc?

tfaulhaber1 · Posted: Wed Dec 08, 2010 8:26 am Post subject:

George is correct(Happy Holidays George)! Most lenders will accept a 620 credit score. Debt to income ratios are based off your mortgage payment and debts that come up on your credit report (Electric Bills, Phone, Etc).

gmakerley · Posted: Wed Dec 22, 2010 8:03 am Post subject:

Thanks, Theo (Ted)....making me unsure what to call you...Happy Christmas and I'd say "prospero ano" but I can't figure out how to get a tilde on the "n" there. So, it'll just be the bland and typical "Happy New Year."

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Can I get a mortgage loan with a score of 620?