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Likelihood of getting approved.

Lender pulled our credit report and where we saw 630 as the middle score on all 3 reports, his underwriter system saw 604 (SAD FACE!).  We are renting and our lease is up mid September 2013.  We want to purchase a home and have FINALLY got the money for downpayment.  We are looking to purchase a 180k home, put 20% down and finance $150k.  He makes $43,500/annually, and we have one credit card (as of yesterday now $50 on it) and one car note ($412/month).

The negative points are coming from student loans that before in deferment he missed payments on (last late payment in 2011) and a collection account we were just made aware of from 2008 (I will be paying this off tomorrow, it's $104).

The question...how likely is it that we can get financed for a home loan with a credit score of 604 (which I hope will increase by next month when it reports the credit card nearly paid off and the collection account gone).  We really don't want to renew this lease for another year, any advice, thoughts or tips? Can it be done?
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May 08 2013 - Raleigh
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Lenders goes off middle score. Most can do an FHA loan with a 620 middle. You should be able to get the loan completed as long as your debt to income ratios are fine with 630 middle fico.
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May 09 2013
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Join creditkarma.com. It's a free site. I had a couple of tax liens that I was not aware of, which pulled my credit score down. Followed the advice on the site, score is now 60 points higher in less than two months. AND I followed my lender's advice, which helped to secure a loan...I close next week!
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May 08 2013
 
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