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In this day and time, is it possible to get a mortgage with a 624 credit score?

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October 16 2013 - Clearwater
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Answers (6)

Yes it is possible! There are lenders like myself that have been able to give out loans with scores as low as 580. Since you are above this, you have a shot at getting a loan. Keep in mind that credit scores are not the only factors that affect your ability to obtain a loan. Other important factors include income, expenses, assets, liabilities, down payment, employment, debt, as well as credit score. The best and most efficient way to see if you can qualify for a loan is to speak with a lender directly. Lenders like myself would be glad to speak with you to help guide you towards the loan that best suites your situation. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
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October 16 2013
The answer is an emphatic yes. BUT, you are so close to the 640 mark (where much better rates and terms live) that you need an LO with the knowledge to help you increase your score the measly 16 points you need. Like Daniel above said, call around.
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October 16 2013
Hi Lee,

There are lenders that work with credit scores in the 600's. There is a lot more that factors into the approval process like employment, income, debt-to-income, your personal assets, down payment amount and more. Call some local lenders and they will be able to help you through the process.
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October 16 2013
It is possible, but should you is the right question.  to many lenders will lend to anyone as long as they have shoes on I guess, you should find a lender who is willing to tell you to wait and give you some pointers on how to build your credit score up to get a better rate which will ultimatley save you money in the long haul.  Good luck.
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October 16 2013
Yes.   FHA will allow for a loan with a 624 credit score.
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October 16 2013
Yes, on a purchase we can lender on credit scores down to 530 and on refinances, every program differs.  Some do not require a minimum score at all.

Contact me for details.

We are a Federally Chartered Bank that has been open since 1905 and lends in all 50 states.

My info is in my profile.

Good luck!
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October 16 2013
 
Related Questions
In this day and time, is it possible to get a mortgage with a 624 credit score?
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October 16 2013 | 6 answers
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