Profile picture for marellano001

Can I get a home loan with a credit score of 661?

Can I get a home loan with a credit score of 661? My annual income is $86K and I have had a steady job for 9 years.  I have a few collection accounts (hospital bills) that have been paid off at the end of 2013 and I have nothing negative with a balance on my credit report. I have a car loan of $250 a month and 2 student loans of $135 a month combined. I have 2 credit cards and maintain a very low balance of around $200.  I plan to pay one of the student loans off to increase my credit score a little.  I would like to seriously start looking March 2015. 
  • August 21 - Joliet
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Answers (6)

I work with a lender that can do it with scores as low as 640. Let me know if yo uwould like her info!
  • August 21
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Hello!  You can absolutely get a home loan with a credit score of 661!  Some lenders like us, believe or not, sometimes are able to go down as low at 580 and still get the job done.  I would recommend giving a lender a call and getting preapproved as soon as possible to alleviate any trouble that you may run into down the line.  Good luck!
  • August 21
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Profile picture for JoshBarnettREIB
Discuss with a local lender and complete their loan application.  They will be able to help. 
  • August 21
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Profile picture for GMerino
March 2015 is around the corner and it would be best to start chatting with a loan officer to see about the steps to being a home owner.  From what you have mentioned it sounds like your off to a great start.  If you would like discuss reach out to me through my profile.
  • August 21
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It does not cost to speak with a few lenders to ask. My web site has some references
  • August 21
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Profile picture for Ken Kopper

I would suggest working on obtaining a pre-approval from a lender now so that you know you will be ready to make an offer in the Spring of 2015. The score should qualify for almost any program so my question to you is what loan programs are your considering and how much of a downpayment are prepared to make? With FHA, credit score doesnt affect the terms any where near the way it does with Fannie/Freddie conforming products where the difference between a 660 and 720 with a 5% down payment could be 10s of thousands of dollars over the life of the loan.

  • August 21
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