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Company Loan Type APR Est. Pmt.

640-660 credit score can I get a mortgagel

Posted on: 27th Jan, 2009 07:40 pm
my wife and I make 150k yr together, we have no bad date just a motorcycle loan. our credit score is 640 could be higher(just paid a lot of debt off waiting for them to report). Can I get a mortgage? Made offer on house yesterday.....
Hi rossgn,

If your credit score improves in the time being, then you would definitely be able to get a mortgage. As both of you have a stable income and you have also paid off some of your existing debts, I don't think it will be difficult for you to get a loan.

You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them which will help you in knowing what types of rates and terms you may expect to get. Also, to know much you will be able to afford, you can check out the given calculator:

Posted on: 27th Jan, 2009 08:50 pm
i never knew a motorcycle would qualify as a bad date...oh well (typos always catch my eye!).

yes, you definitely can get a mortgage with a score in that range. your likely best bet might be an fha loan, since there would be no pricing adjustments required for the score.

don't worry about an improvement in the score, honestly. fha rates are quite similar to conforming rates, and you can put as little as 3.5% of the purchase price for down payment.
Posted on: 28th Jan, 2009 09:26 am
The post brings up a topic that I discuss with people quite often......never make an offer on a house until you KNOW what you can afford. In this case, you are asking IF you can even get the mortgage after you made the offer.

You should speak to a mortgage professional a few months before you are ready to make any offers. This allows us time to help clear up any potential debt or credit issues so that you can get the best possible rate under the circumstances.
Posted on: 28th Jan, 2009 08:13 pm
Is the above score qualify me for a credit card?
Posted on: 20th Apr, 2009 01:24 pm
yes, tam, it ought to.
Posted on: 20th Apr, 2009 02:44 pm
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