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Is there any lenders that will consider lending to someone with a credit score below 620?

  • May 29 2009 - Ashtabula
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Answers (13)

Profile picture for Mister Info
As mentioned by others within this post, it's possible to get a loan with a score slightly south of a 620 but the requirements are ridiculously stringent. So I'll repeat my age old advice. I recommend cleaning up your credit before applying for any loan. So many people make the mistake of dedicating so much time and energy into finding someone that will approve a loan for their current bad credit situation instead of using the same time, energy to simply raising their scores. It's easier than you think when using a reputable credit repair agency. My sister worked with a great company [content removed by moderator for being self-promotional] who helped raise her score from the low 5's to the upper 6's within months.

The expense required to clean up your scores with a reputable company usually falls in the $500 - $800  while the expense of a bad credit loan interest rates will cost you 10's of THOUSANDS of dollars. You do the math.
  • August 02 2009
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Hello ,
I have just closed a loan with less than 620 score.  [content removed by moderator for being self-promotional]
  • July 06 2009
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I work with some lenders in Texas that do allow for below 620 ficos.  The requirements are very strict so somebody with less than a 620 will in most cases still have difficulties qualifying for a loan but I have gotten several done when the borrower was stronger than his score represented.  It's definitely more difficult these days to make loans like that happen.
  • June 09 2009
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Profile picture for Ray Stevens
Janet,

If the husband's income can qualify and approve for the loan amount.  That is the way to go.  You can still go on title.  The lowest middle score of both borrowers is used to calculate pricing for rates.

If the loan type is FHA, then a 620 score will not adversely affect the rate.  I say adversely because many lenders give an incentive rebate to the loan officer if the credit score is very good.
  • June 07 2009
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Ratios and Loan to Value. Lending Guidelines and Gov't sponsored loan programs are regularly emerging and changing. What may be a "no" today may be a "yes" tomorrow, a vice versa.

I would suggest submitting a quote request on Zillow and see what response you get.
  • June 07 2009
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if your score is low why not look at what is pulling it down or pulled it down and address the issue so you can put yourself in a better position to get you loan approved. You are setting yourself up to get ate by a shark.
Consultation Is Always Free

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  • June 07 2009
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Although Tim May have it very close
  • June 07 2009
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Lending is sort of "Old School" now.

If there are problems....no loan
  • June 07 2009
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Profile picture for lynch1020
What if your husband has good credit score and wife has 620 score.  Will this prevent her from being on the loan.  Husband is retired with annual income of 40000 and wife is employed and her income is 20000.  Will this be an issue when buying or refinancing
  • June 06 2009
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  • June 04 2009
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Depends on other factors.  Credit score over 580 is possible. FHA, however, rental and/or mortgage history needed.  Reserves?
  • May 29 2009
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Profile picture for SunTrust
600 and up
  • May 29 2009
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Profile picture for The Mortgage Mark
There are still a couple out there but not many.  I had one lender that would do a 600 credit score up to yesterday.   Most mortgage lenders may also be able to coach you on how to get your scores above a 620.  
  • May 29 2009
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