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Looking for a mortgage in MN with a fico of 616

In addition, i am looking to use minnesotas down payment assistance program. I am open to companies but i just need somewhere to start.
  • March 04 2014 - US
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Answers (4)

Hi DeShaun,
I agree with the other posts that 640 will open more doors for you, AND it will help you save a bit on your interest rate. Sometimes your score can increase in as little as a month.  In general, having less than 30% balance on each of your credit cards, keeping your payments on time, and avoiding collections accounts will help boost your score. Feel free to contact me if you'd like me to look into it for you. 
  • March 05 2014
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The lowest credit scores some lenders are able to do, is a score of 580. Since your scores are above 580, then you should have a chance when it comes to credit. There are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. When it comes to a down payment, can you do at least 3.5% which would be the FHA option? If not, then you should look around your local area for down payment assistance. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

  • March 05 2014
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I agree with John. More doors will open at 640.
  • March 04 2014
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Hi DeShaun, you should find some options at 616 assuming you are otherwise qualified. At 620 and 640, more doors will open up and you are awfully close already. 

Best of luck!
  • March 04 2014
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