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If I have a 634 credit score can I get a mortgage?

I have a 634 credit score and my husband has a 576. He had a repo in 2009, so his credit isn't as good as it could be but he has not had any late payments or bad judgments since the repo. I don't have any late payments, I just have 4 credit cards with balances on them. I know if I paid the balances off that I would have a better score, but I am working on paying them down now. I just want to know about how much we could get approved for, if we could get approved at all. Last year we made about 103,000 together.
  • March 26 2012 - US
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Answers (5)

Short answer yes it is possible to get a home loan with a 634 score.
  • April 08 2012
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  • March 27 2012
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You may qualify for FHA. It is possible that the lender would just your income and both your debts to do the pre-approval. Your credit score meets those guidelines. Over 740 is the best and under 600 you can generally not qualify for a mortgage today however there are many factors that go into credit decisions. How have your payments been in the last 24 months? That is very important when the scores are lower. You should gather 2 years of taxes, 1 month of paystubs and 2 months of complete bank statements and make an appt with a trusted lender and apply. Good luck!
  • March 26 2012
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. Typically, 640 is a good number to shoot for as far as the minimum score needed to get a loan goes. There may be lenders/programs that will go lower but, for general purposes, this is where you want to be. One good way to boost your credit score is by paying your credit card balances down to <25% of the high limit. You are not far from the mark but your husband does have some work to do. If you haven't already, list him as an authorized user on the credit cards you currently have. This will help boost his score. He could also try opening a new trade line in his name but, don't stress your resources for the sake of building your credit scores. The best advice I can give you is to live within your means and save as much money as possible. You could also try talking with a couple of lenders in your area to get a feel for what your options are. Good luck!
  • March 26 2012
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Hello user,

Thank you for posting on Zillow advice.  Take a look at these articles 5 Home Buying Blunders to Avoid and 3 Important Things to Consider When Getting a Loan.  Both articles have some useful information.  When it comes to getting approved, I would recommend reaching out to a lender in our professional directory

Thanks,
Candace
Zillow Customer Support
  • March 26 2012
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