Profile picture for BrittanyWoodward

I would like to get a mortgage but I was told my credit score is too low. What can I do?

Hello Everyone,

I need some advice. I am 20 years old and I am trying to get a mortgage but I was just turned down yesterday due to my score being too low. They are 613,623,642. They would like my middle score to be 660. I do not know how to do this. I have student loans I am paying on for $78 a month. A car loan I am paying $447 a month. I have only had the loan since may and the student loans for about a month. 
I really would like to obtain a mortgage. Does anyone have any ideas as to what I can do to raise my score? 
  • September 18 2013 - Town of Oneonta
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

I have a couple of options and avenues for you . I can receive an approval based off of your score now. However you would receive a better rate if your middle score is 660 or above. As soon as you have a moment reach out to me and I can guide you.
  • September 18 2013
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Profile picture for BrittanyWoodward
Gene,
I emailed you feel free to contact me anytime! 
  • September 18 2013
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Profile picture for wetdawgs
Be extremely cautious of "call me, call me" posts as they are in violation of Zillow's Good Neighbor Policy.   If a lender can't honor the fine print where they post, I wonder about their ability to read the fine print elsewhere. 
  • September 18 2013
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Some FHA lenders can go as low as 580 on your FICO with a 3.5% down payment.  There generally needs to be compensating factors though such as savings accounts, long history on a couple tradelines etc...  As long as you are showing consistent income and have at least a 620 you should be ok for FHA with most lenders though.
  • September 18 2013
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Your credit score can definitely work with some lenders, you just have to find them. For example, lenders like myself may be able to get loans with credit scores as low as 580. Another important thing to understand is that there are other factors that are taken into consideration as well besides credit scores. These factors include income, expenses, debt, assets, liabilities, employment, down payment, etc. If all of these are in line then you can likely obtain a loan.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me.

Good Luck! 
  • September 18 2013
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Honestly, you can contact multiple lenders. They should try to work for you as far as, getting the best rate available, and terms that fit you. Multiple lenders go by all different standards, so some of the replies are correct. However, you should go with whom you feel comfortable. FHA is usually a 620 Credit Score. Also in the Western New York area, their are First Time Home clubs, that will match you dollar for dollar in most cases. First Niagara Bank, as well as M&T Bank both have programs. The programs normally require you to attend classes, and deposit money in an escrow account between 8-12 months. But doubling your funds for closing is a pretty good deal. I provided links below. 

https://www.mtb.com/aboutus/community/Pages/FirstHomeClub.aspx

https://www.firstniagara.com/Borrow/Personal/Mortgages/Loans_and_Programs/Loans_and_Programs.aspx
  • September 20 2013
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You don't need a 660 -  You can go as low as 580

The question here is, what program are they going with??  How much do you have down? 

I'm assuming with the requirement of 660, that they are considering a Conventional loan or have internal overlays- 

There are many things you can do to bring up your scores, you just need to have a professional review them-

Good Luck!
  • September 20 2013
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Profile picture for SoCal Engr
Forget all the "other stuff"...

It sounds like you are just starting out. New car loan, just started paying student loan, maybe even some more schooling ahead of you (seeing as how you're 20). And, who knows where your career may take you.

So, why the hurry to get yet another debt. Worse yet, a debt that may become an obstacle if you need to move to another locale for school or career?
  • September 20 2013
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One of the ways to raise your scores is to keep your balances low and make payments on time, it will work better with credit cards, or get secured credit cards and keep your balances low and pay on time, it will help you to build strong credit history in the long run.
  • September 22 2013
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