Profile picture for baxtor 1

Having good credit scores does not mean you can get a loan?

My husband is in the 700's mine is in the upper 600's We are still have trouble because our debt is high .  We passed a first underwriters, but not the second one.  Good credit score or not you will have problems And every time someone looks at your credit scores you take a big hit, even though you pay a couple of bill off. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 31 2009 - Wichita
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

You can get a decent loan as long as you're above 680. You can even do FHA with as low as 640 I believe. But you need to qualify based on income, assets as well as your DTI, so high credit score or not, there are a lot of factors.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 26 2010
You should ask your loan officer to tell you exactly what the problem is, that's the only way you can fix it.  You should also ask whose score they are using for qualifying - lenders usually use the lowest score if there is more than one borrower.  One thing that will help improve your credit score and your qualifying power is to pay down all your credit cards below 25% of the credit limit.  Paying all your cards to below 25% is better than paying off one or two while having one or two that still have high balances.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 26 2010
If your credit score is 680 - 699 and you are putting 20% down, you will incur a 1.5 point adjustment right off the bat. If your score is 660 - 679, make that 2.5 points. Absorbing these adjustments, will cause you to have a higher rate, thus driving up your DTI even more. The first thing you need to come to terms with is that you do not have good credit. The second one is that you don't make enough money.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2009
Profile picture for ricon
600-700 range credit score is not good credit especially with high debts 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2009

Well you score does not take a "Big hit" but it does take a hit. With that said you now know that your debt is too high currently but, if you spoke to a good underwriter he/she probably was kind enough to let you know what you which debts to eliminate or what areas to work on so that you can qualify for a mortgage.

So for all who are considering buying a home
step 1 should be- lower or eliminate as much existing debt as possible

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2009
Profile picture for BMFPitt
So you have mediocre credit and high debt?  Sounds like the underwriter is doing his job right.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2009
 
Related Questions
Single mother of two children with special needs credit score is 641 why cant i get a loan?
Profile picture for Dan Tabit
Latest answer by Dan Tabit
March 23 | 3 answers
Is it better to use the first time homebuyers program versus buying investment property first
Profile picture for Brandon Johnson
Latest answer by Brandon Johnson
September 09 2013 | 2 answers
Open House Easter ?!??!
Profile picture for Vince Curtis
Latest answer by Vince Curtis
April 08 2012 | 11 answers
I am paying cash & closing costs for my home purchase. What % of asking price should I offer?
Profile picture for Mark Atteberry
Latest answer by Mark Atteberry
October 17 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1101 N Edgemoor St, Wichita, KS Home For Sale
    1101 N Edgemoor St, Wichita, KS 67208

     For Sale: N/A

    • Beds: 3
    • Sqft: 1588
    • Baths: 1.5
    • Lot: 9583
  2. 2606 E Kite St, Wichita, KS Home For Sale
    2606 E Kite St, Wichita, KS 67219

     For Sale: $154,900

    • Beds: 4
    • Sqft: 1800
    • Baths: 3.0
    • Lot: 13068
  3. 112 W 5th St, Valley Center, KS Home For Sale
    112 W 5th St, Valley Center, KS 67147

     For Sale: $105,000

    • Beds: 4
    • Sqft: 1934
    • Baths: 2.0
    • Lot: 8712