Posted on: 30th Dec, 2013 01:08 am
Is it possible for me to get a mortgage with a credit score of 600 only?
Hi Guest,
You may be able to get a FHA loan with a credit score of 600. However, conventional loans may not be available.
Thanks
You may be able to get a FHA loan with a credit score of 600. However, conventional loans may not be available.
Thanks
Hi Guest!
Welcome to the forums!
I agree with Sara that FHA loans can be available with this score. However, there are various other criteria as well and you will have to meet them in order to get the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with Sara that FHA loans can be available with this score. However, there are various other criteria as well and you will have to meet them in order to get the loan.
Feel free to ask if you've further queries.
Sussane
You can' t get a conventional loan with a credit score of 600 as the lenders will ask for something more than 720. If you want a conventional loan, you have to repair your credit score.
Agency conventional loans require a minimum credit score of 620 (not 720)
It is possible to find a portfolio conventional loan with a 600 credit score. There needs to be a good reason for the 600 score and down payment would need to be 20% probably.
There are FHA loans available with credit score down to 580. I think I have seen down to 560, but, below 580 requires a down payment of at least 10%.
It is possible to find a portfolio conventional loan with a 600 credit score. There needs to be a good reason for the 600 score and down payment would need to be 20% probably.
There are FHA loans available with credit score down to 580. I think I have seen down to 560, but, below 580 requires a down payment of at least 10%.
With a credit score of 600, you can qualify for an FHA loan. However, if you are looking for a conventional loan, then you will have to improve your credit score.
The above post has been made by Kate Kelley.