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Is it possible to get a loan to purchase a home with a credit score 640

how to search for a home in choctaw and steps needed to qualify for a loan with a credit score around 640 but not exactly sure what it is at this point. Who would you apply for the loan, personal bank or a lender/broker. How to know determine what price of home would we be able to qualify for and how to determine what our monthly payments with taxes and insurance included at a 30 yr FHA what the interest rate would we be able to get.
  • May 19 2013 - Choctaw
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Answers (2)

These are all questions that can easily be answered once you complete a loan application with a mortgage loan officer. You have a number of great options if your credit is in the 640 range. Typically banks are going to be more restrictive and unfortunately the broker business has been wildly changed in the last several years. The best over all flexibility and ease of financing options will be what's called a correspondent direct lender.
  • May 20 2013
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A lot of great questions! Everything you have stated thus far, leads us to believe you are qualified to get an FHA loan. We typically suggest a local Lender, for face-to-face communication. Your personal bank or mortgage broker are both good options. We suggest doing a comparison of fees with 2-3 Lenders.

You can also search Choctaw area homes and listings by visiting our website, found in our profile link, (or any OKC Metro home). There you can search the MLS for free and without hassle. When you find the home of your dreams, we can secure your showing! If you can not find the home of your dreams just yet, we can assist you in the search process!

We look forward to the opportunity to be of service!

  • May 19 2013
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