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At FICO Score of 630, can I get mortgage or improve score?

My FICO score is 630. I have credit card debt of 70K. Mine used to be 690 couple months ago(50k debt). I had to take money for personal investment(95% of credit line used).

I was thinking of buying an house(340k). What would you guys suggest? Will I get a mortgage with this score?

Wait until my score improves? I was thinking of paying off 90% of debt in 3-4 months.

Thanks

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bill,

Welcome to MortgageFit Forums.

Is it a primary requirement for you to buy a home now? If you don't require it in a hurry, then I shall suggest you to go for a home loan after there is some improvement in your score.

With a score of 630 you will definitely qualify for a mortgage but the rate will not be as low as you would like.

It's a nice decision to pay off your major portion of your debt within the next 3 - 4 months.

At least you can think of going for the home loan after that. In the mean time your score will improve as you make the payments.

But it depends on your requirement. If home requirement is not an emergency then it's better to wait and get a lower rate.

God bless you.

For MortgageFit,
Samantha

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bill,

You won't be able to qualify for the best rates with a score of 630 but you can get standardized rate or a prime rate.

You can check with different lenders the rate and the program that you may qualify and see if you can afford with your income and savings. The benchmark of credit score is different with different lenders and depends on the amount of risk that they are prepared to accept.

If the payment amount is not attractive to you, then you should wait for sometime and try to improve your score to get a lower rate.

Regards,
Blue

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am surprised to get a response this quick. I will pay off the credit card debt first. I used to pay 300 for interest only with great balance transfer offers. Now it is getting into 600 with expired offers. It is making me nervous. I will pay off my debt and think about any new financial endeavour.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In U.S. you can [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] with a score of 630, but I doubt whether you will get a prime rate. :roll:

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I shall suggest you to try for a score of 660 at least to get a better rate.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

680 can be a good score to get the most competitive rates although there are several competitive mortgage programs which allows you to qualify for a mortgage with a score 630.

It largely depends on the type of mortgage program that you choose along with some other points like down payment that you can afford, your income and your savings pattern.

So, depending upon your situation you have to take a decision.:) Paying off debts is always a good idea so that it never becomes a burden. You can even check out the given page to know how much house you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html

James

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bill,

Don't panic. The intention of this community is not to frighten you but we try here to sort our problems by mutual discussion and thus help to take an appropriate decision. :)

Paying off debts in time is always good and you should give maximum priority to it. Rest of the conditions will automatically favor you after that.

God bless you.

For MortgageFit,
Samantha

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Bill,

There are a few misconceptions here. On a conforming loan with scores over 620 and even under 620 a broker lender can you a conforming approval. DU (desktop underwriter) evaluates risk and while your overall credit score does come into play, you are more likely to get a higher rate because of debt ratio and or a lack of reserves combined with the ltv. That being said it certainly doesn't hurt to sit down with a lender/broker and review your options. The debt has to be a concern since the min. payment has increased so much with the changes in the banking laws the first of the year. So the real question you have to ask yourself is: Do I want to take on more debt i.e a mortgage when the credit card debt is so high. While paying off 90% would be great as long you ratio you may want to use some of that money in the form of a down payment....just my $.02

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I OWE $15000 ON A HOME IN NORTH CAROLINA AND DO NOT WANT TO SELL THIS HOME [MORTGAGE $560 MONTH. I WOULD LIKE TO BUY A HOME IN ATLANTA, WHERE I NOW LIVE BUT I AM AFRAID MY DEBT TO INCOME RATIO WILL DISQUALIFY ME FROM PUCHASING A $240,000 HOME. I MAKE 5500 A MONTH, HAVE $30,000 IN STUDENT LOANS THAT I HAVE TO START REPAYING WHEN I FINISH SCHOOL. I HAVE NO OTHER DEBT. MY CREDIT SCORE IS $680. WILL I QUALIFY TO PURCHASE THIS HOME.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi FELECIA,

Welcome to the forum.

Your credit score is good and you have sufficient income. So you may get the mortgage. Have you yet shopped for any lenders? If not then you should do it.

The rates are low now. So it is a good time if you have sufficient income every month. How long are you in your present job? Have you made any late payments in the last 12 months? If you have then it may effect and create problems to get approve for the mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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bastogne.inc's picture
bastogne.inc | Joined: May 18, 2007 07:34 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You say you have 5500 in monthly income but you haven't finished school yet? You might want to establish your income for a period of time before you go applying for that mortgage, stability of income and all that jazz.

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s.mckaybiz's picture
s.mckaybiz | Joined: April 24, 2008 08:05 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Bill S I defintately agree that you should pay down that credit card debt first.

Felecia, a question, if you make $5500 a month do you really think you can afford a $240K home? Is 5500 gross or net? Me and my wife make about $75K/yr, have about 6K in credit card debt, and are looking to buy a home for about $70K just to play it safe. $240K just seems a bit excessive with the kind of money your making. Would you consider buying a less expensive home?

Good luck!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

WE MAKE ABOUT 96K PER YEAR AND HAVE 35K FOR A DOWN. MY CREDIT IS POOR AT 620 TO 630ISH HER CREDIT IS FLAWLESS. WHAT CAN WE BE APPROVED FOR A MORTGAGE?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MARCO,

You have good income and the money you're putting down isn't less either. What's your credit? Is it 620 or 630? If your spouse's credit is good enough, I guess she could be there as the cosigner for the loan if at all you need to take the mortgage now. Because I feel you could try and repair your credit before going for the loan.

You can calculate [i:b039dca2f2]how much you can borrow[/i:b039dca2f2] using the [url=http://www.mortgagefit.com/calculators/]mortgage calculator[/url] at http://www.mortgagefit.com/calculators/howmuch-borrow.html .

Take Care

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

marco, if you're looking for an fha loan, that's your best bet. with a credit score in your range, it would behoove you to go that route, as conventional loans will have pricing adjustments that will hurt you.

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banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

FHA loans will help you avoid HIGH PMI costs if you're planning to put less than 20% down. The rates are also favorable, and sometimes better than your normal conventional rates

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in the military and my credit score is about 630 and I plan to buy a house in six months when I return home from Iraq. I have zero credit card debt, I dropped 13k and payed off my car. so I am in debt about 14k on my truck. I spoke with a lender and they told me they do there own calculation on my credit score and it is a much higher score then what trans, equf, and exper. gave me by atleast 50 to 60 points which by there calculation puts me around 690. Is this right do mortgage companies really do there own calculations like that? and since I am appling for a va loan should I have a down payment, and if so how much %?

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banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Michael...Welcome to MortgageFit.

Lenders don't have their own calculations for credit. They however use a different scoring model. We use FICO which is different than the actual credit scoring system that Equifax, Trans, or Experian uses.

If you want a near to accurate score, the you should check it on myfico.com

VA has no down payment requirement, but it's always good to have 1-2months of reserves in your bank account.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

marco, with a score of 620 or higher, you're still well-qualified for an fha mortgage. you didn't state where you are located, but you will want to seek out a local state-run bond program if one exists. these bond programs are aimed at first-time homebuyers and typically allow for lower rates than can be found anywhere else.

barring that, rates are good and apparently getting better, so an fha mortgage wouldn't cost you any additional penalties due to your credit score, and it would seem from your income and current asset picture that you'd qualify for a fairly substantial mortgage.

by all means don't be discouraged - find a lender who is willing to scout out the possibilities with you and move forward.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i guess i didn't realize there's a second page of comments here - i see i already responded to marco. nevertheless, at least i expanded on my earlier comments.

as for michael...some lenders claim the use of a different model that gives them elevated scores, but i agree with my old friend banker that there really isn't going to be much benefit there.

honestly, with a score of 630, and working on a va loan, michael; i don't think you'd have any difficulty in working with just about any lender you choose. rates are good, and as noted, you won't need a down payment. i concur that having reserves is always a favorable item.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been working on raising my credit score and would like to know the minimum credit score for obtaining a fha mortgage loan.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

fha truly doesn't have a minimum, though you will generally run into underwriters who will take a long, hard look at credit. if your score is below 600, you'll be charged extra - compensation for the risk.

you're more likely to have success with a low score if there are several compensating factors, and that would include some recent favorable reports from creditors. if your payment history is consistently fair to poor, you're much less likely to be successful.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how does a repayment plan affect your credit on a mortgage

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tara

As far as I know, after a loan modification when a lender gives a alternative repayment plan, I don't think it affects your credit score.

Thanks.

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m.snover92571's picture
m.snover92571 | Joined: February 10, 2009 09:53 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I suggest to build up your credit by reducing your debt it will help you out in the long run for buying a house.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a house in Redford Mi, for 110K and I want to start a family and purchase a house in a better area for 170k, my income is 75k per year and my girlfriend's income is 40k however our credit isn't very good. she has a foreclosure on her from 2007 and my score is 630. Can I get approved for another mortgage for 170k? I plan on renting my current home in redford out.

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stevecomish's picture
stevecomish | Joined: September 16, 2009 09:15 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can get FHA loan. you need to have min 620 credit score. since you are think to give your current house on rent, you would get it easily.

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annyb27's picture
annyb27 | Joined: July 7, 2009 03:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As per my view 680 is good credit score for the better interest rate.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

well, steve and anny thanks for your 2 cents, but let's fix this:

[b:0380ba1672]"you would get it easily,"[/b:0380ba1672] steve says. not so fast...a lender is going to look closely at how much equity you have in your current home, where it is located in comparison with what you are buying, and ask for documentation for it to make sense to move from your existing home to a new property. also, you're going to have a good portion of equity (30-35%) in that property.

as for anny's comment about credit score: if we are talking about an fha loan (and we definitely should be), then the score you noted at 630 won't get in the way of financing. 680 is a wonderful thought, but not necessary in order to qualify.

ladyjess, your income certainly ought to work, and if all else fits, you'll get approved - i hope your current mortgage is not an fha mortgage.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

In this market unless you are doign FHa, you will need more than 680 to get a loan at good interest rate

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hemsleysue's picture
hemsleysue | Joined: September 13, 2009 07:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can get FHA loan provided you are able to fulfill other specified conditions

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was shocked to find that my credit score was 630. I have no debt, have paid my bills regularly, and my gross income is about 8K/month.

On my credit report, I found that there was one derogatory transaction resulting in an unpaid credit card balance of $200, but resolved it. I was unaware of a charge (automatic charge) and it had accumulated 5 months of late fees.

I expected my score to be in the 700s. Would this bring my score down that much??

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TMan!

Welcome to forums!

Late fees for the the past 5 months can definitely affect your credit score. I would suggest you to pay off the late fees. This will help you in rebuilding your credit to some extent.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

tman, there are lots of other factors that come into play in your score, of course. but lates over a protracted period of time that accumulate will certainly have quite an adverse effect. you ask "would this bring my score down that much?" i guess the answer is "yes." you'll want to review the other factors, which i presume you would have been provided when you received this score. there may be other things you can do to enhance your score at this time as well.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had tried apply for a new car loan threw a bank I been with 12 yrs.
They rejected my loan. So I went to a local cedit union.
Right on spot they ran my fico score I'm a 730!
Was approved for the best rate offered. So maybe others should also try
Credit Unions over banks. Worst part was tho after bank ran my score
They wouldn't give me my information on the fico! Made me feel I had bad credit.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

marla, if i did any more advertising for credit unions, they'd have to pay me! i worked at one formerly, and i firmly believe in the credit union movement. i'm not surprised at what happened with you; banks are not exactly what we might call "user-friendly" and credit unions are all member-based...so obvious why they're more likely to help someone.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my credit is 630 and i want to get a mortgage loan i have no debt and make about 40000 a year

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bobby!

Welcome to forums!

You'll be able to qualify for a FHA loan with a credit score of 630. You should contact the local lenders offering FHA loans and check out whether or not they can pre-qualify you for a mortgage.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have 629 andtwo 631 scres wtith buraeus and nothing bad on credit for couple years can i get fha mortage

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi george,

With the credit score that you have, you'll be able to get a FHA mortgage in your name. You should contact the local FHA lenders and apply for a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my credit score is 630. i have medical bills for $12.000 may i [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi pouta!

Welcome to forums!

With a credit score of 630, you can qualify for a FHA loan. You should contact the local FHA lenders and apply for a loan with them. They will check your financial situation and let you know whether or not you can get a loan.

Feel free to ask if you've further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Pouta, the extent of your medical bills could easily prevent you from qualifying for a mortgage. Are you in the process of repaying those bills? Are there judgments or collection accounts that appear on your credit report? You need to address these issues before you apply for a mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I make $220K a year with a median credit score of 630 and am a veteran. Can I qualify for a home loan of $500K. I have about $5K in revolving debt and about $29K in installment debt. I also have $20K in savings as well as over $100K in stock. My low score is mainly due to starting over 7 years ago so my history is short. No [url=http://www.mortgagefit.com/bankruptcy.html]bankruptcies[/url], judgements or liens.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

With a credit score of 630, you'll be able to qualify for a FHA loan. In order to get a conventional loan, you should have a credit score of 700-720. You can apply for a FHA loan of $500k and check out if the lenders will be ready to give you the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a bankruptcy over in 2006 I have established a little credit since and now have check my score I'm at 639. I have had a few things on them that I wasn't aware of and paid them. Do I qualify for a mortgage loan? The only thing I do have left to pay which again no knowledge of, I have now an electric bill of 2,000 due to me allowing my son to have it in my name till he paid his off (I know bad idea) But the point is I can make arrangements with the utility company and I do have the funds to proceed in doing so.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You should make arrangements with the utility company and start paying off the electric bill. With a credit score of 639, you'll be able to qualify for a FHA loan. You won't be able to qualify for a conventional loan. You can speak to the local FHA lenders and apply for a mortgage.

Take care.

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jimgilly's picture
jimgilly | Joined: January 27, 2010 11:53 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

First, you have not provided enough information to give you an accurate answer. How much money have you got available for down payment/closing costs? Have you had steady employment, what other outstanding debts do you have, amount of reserve funds etc. etc?

Also, you should have 3 credit scores and the one you got is probably not a score a mortgage lender would use. Even if it was, lenders use the middle score so you really need to get your credit scores from an actual mortgage company. Just go online and locate a lender that will do a preapproval, check your credit and get your credit scores. Make sure the lender is eligible to offer either an FHA or RD loan, especially if you don't plan to put much of a down payment.

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kayleemegn1's picture
kayleemegn1 | Joined: July 7, 2012 01:22 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can get a mortgage approved at 630 credit score but at high interest rate. I would personally suggest you to wait until your score reach at least 700 or above. Else, you can also find out a bank that does manual underwriting. They didn’t require FICO score and the best part is you can get a loan a lower interest rates.

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