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Does my husband and I need to have 620 credit score to qualify for a loan? He's 622 and mine is 619.

  • November 09 2009 - Nashville
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Answers (6)

Credit scores generally have to be 620 but it's not the only factor - things like the amount of debt vs your income, outstanding collections, etc are also considered.  I would recommend contacting a mortgage company that has experience working with borderline credit scores such as yours.  A great local mortgage company here in Nashville that several of my clients have had great experience with is:

Jim Toney
Mortage Investment Group
Cell: 615-613-7888
Office: 615-777-4663
james.toney@migonline.com


Hope that helps!


Mike Burchyett
Reliant Realty
615-481-8986
mike@NashvillePropertyGuide.com
  • November 10 2009
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Profile picture for Memphis Owners12
Your scores are fine.  You can get a loan with your scores the way they are now.
  • November 10 2009
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Hi mebenham,

I would suggest requesting a quote via the Zillow Mortgage market place... Enter you information as accuratly as possible... and review the responses you recieve.
  • November 10 2009
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Profile picture for Erez Cohen
I would suggest getting your score up the 1 point to a 620 so as to avoid all the fees and higher rate associated with a score below a 620.  It makes much more sense than even attempting to get a loan now as it will payoff for you in the immediate future.  Getting your score up 1 point is very easily done.  You just need to reduce some high balances on revolving debt.
  • November 10 2009
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Lenders will use the middle of your 3 scores. If your middle score is 620 or higher you should be OK. Generally, you will need to have at least a 620 score if your income is required to qualify for the loan. If your middle score is below a 620 many lenders can tell you via their credit provider what specifically you can do to bring up your score enough to qualify. This may take a little longer but if it's the difference between qualifying and not qualifying, it's definitely worth it. If you are buying in Tennessee, I can help you with your loan - I am a Tennessee lender based out of Knoxville. You can reach me at 866-562-0015.
  • November 10 2009
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do you need both incomes to qualify? Why is it 619? have you tried to bring it up? go to craigslist and find a seller that is holding paper. make 12 months mortgage payments on time. you will easily be able to refinance in 12 months.
  • November 09 2009
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