Compare Mortgage Quotes

JaclynRichard82 · Joined: 16 Mar 2009 Posts: 1 1.72 Dollars($)

My credit score is 626 do you think I can get a mortgage

smithsussane · Posted: Wed Mar 18, 2009 8:09 pm Post subject:

Hi JaclynRichard!

Welcome to forums!

With a credit score of 626, you can apply for FHA loans. The minimum credit score required to get a FHA loan is 620. However, in order to get a loan at such a low credit score, you should not have any collections or late payments on your credit report. You can speak to the local FHA lenders of your area and check out the terms and conditions you can get.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know what type of rates you can expect to get.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Thu Mar 19, 2009 7:08 am Post subject:

yes, jaclyn, your score will work. what you'll need to do beyond that is, as sussane noted, ensure that any collections or judgments, etc. be paid in full. underwriting is quite conservative and you'll not be able to carry that kind of debt, if it exists.
interest rates are favorable, and perhaps getting better, and home values and prices have dipped quite a bit, so this may be just the right time for you as well.

also, as sussane noted, you can get additional information from any one of us who is a lender, as noted on the site. please don't hesitate, also, to ask any other questions that may come up.

ashleyblanton · Posted: Thu Mar 19, 2009 9:43 pm Post subject:

Well, I will have to disagree with George and Susanne, as you do NOT have to have the collections paid in full to get financing. I currently have a borrower that has collections on her credit, and anything under $1000 does not need to be paid, but anything over that does through the loan.

Yes, the lowest score currently you can have is 620, but make sure your MID score is above that. Mortgage qualifications base any loan on your mid score.

Rate are CRAZY low right now, so if you CAN qualify I would jump on board. Good luck!

gmakerley · Posted: Fri Mar 20, 2009 7:46 am Post subject:

i understand your disagreement ashley, but do me a favor, please. how about sending your underwriter over here? i've been stuck with all sorts of requirements for paying off of dinky accounts, for way too long.

can we trade, maybe?

ashleyblanton · Posted: Fri Mar 20, 2009 9:26 am Post subject:

Well its not MY underwriter. I am a broker shop. I deal with all sorts of lenders that allow this. Are you delagated? Have your own operations dept?

gmakerley · Posted: Fri Mar 20, 2009 11:23 am Post subject:

yeah, we are national; our underwriter is delegated, yes. but i've seen things that have been troubling. oh well...just got to roll with those punches, don't we?

eric1 · Posted: Sat Mar 21, 2009 5:10 pm Post subject:

I have seen both scenarios. In some instances those balances need to be paid off and other times the conditions to not require that. I think you are better off going into it expecting that they NEED to be paid prior to closing and if not, then happy birthday to you.

gmakerley · Posted: Mon Mar 23, 2009 6:31 am Post subject:

i'm assuming that was a blanket birthday wish to all of us in the community. i'm several months away, but i'll graciously accept the wish, eric. thanks.

Guest

I have a mid score of 580. Most of my credit issues centered around medical bills and some issues left over from a divorce. I have paid all outstanding issues and I have very little debt left (car payment $250 and student loan $60). I have good income and I am wondering if there are any programs out there for me?

gmakerley · Posted: Fri Apr 10, 2009 2:04 pm Post subject:

not right now, JT. give it a little more time, staying on top of your accounts and you'll see the score increase. don't go looking for credit for now and make sure your payments arrive on time, and you'll probably be okay in a few months.

eric1 · Posted: Mon Apr 13, 2009 12:59 pm Post subject:

JT, pay off those medical bills and call your credit card companies and ask them to raise your credit limits. You should see your score increase if you accomplish that.

lateniteboy_99 · Posted: Tue Apr 14, 2009 10:32 pm Post subject:

620 is the minimum credit score set to get a FHA loan. So with your score of 626, you can apply for a loan..
Ask for lenders and check out their terms and conditions> From there, compare and decide what best suits your needs..

savior70 · Posted: Wed Apr 15, 2009 3:35 am Post subject:

Hi

considering the difficulty the real estate market is facing at present, it'll be worth your while to first pay off the remaining debts you have and improve your credit as soon as possible. A score below 600 isn't good enough now a days to qualify you for a good loan program. Wait a while, work on your credit and then apply for a loan. If you can build your credit upto 620 or more points, you can qualify for an FHA loan.

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

Hi,
Its very difficult to get mortage loan. But try to gather information
how much credit score required to get loan.

One more option is you can get mortage loan by showing your relative credit score,but this loan owner is your relative.

I thing you understand.
Regards
Dilip

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Low credit score