Profile picture for hopehays

credit score is 614. can i get a home?

  • January 15 2014 - Stockbridge
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Answers (10)

Profile picture for fhilton117

I hear a lot of people saying yes you can but my husband and I have been trying to get approved and his median score is 614. Our debt to income ratio is great - we have the money to pay the mortgage but we keep being told no because he has to have 620. I mean really - saying no because of 4 points when we have a total household income above $100,000 a year. The score is low because about 7 years ago we got into some financial difficulties but now we've both gotten much better jobs and everything we pay is paid on time for over 4 years.

We are first time home buyers who apparently qualify for NO help whatsoever - not even HUD because we make to much but a traditional lender wants our score to be 4 points higher - and doing what they tell us to do barely moves it.

  • December 08 2014
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Profile picture for pvhomes
Yes, Search Lenders for Equity Lenders.
  • January 18 2014
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There is a lot more to it then just credit score, but based on your score then yes. I can finance you down to a 580 credit score for VA, FHA or USDA depending on your situation. Must be able to prove your last 12 months of rent payments.
  • January 18 2014
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Yes. I can do FHA loans at 600 and Conventional at 620. I know some other lenders will go even lower, these scores are my company's overlays. Each lender/bank you talk to will have their own.

Hopehays, talk with a lender who can do loans down to a 600. They will (hopefully) be able to walk you through your credit, and the possibilities of increasing your score to obtain better financing terms through what's called a "rapid rescore". Typically this involves paying down credit card balances, removing collections, ect. Not sure where Gator70 is getting his numbers from, but I've helped someone raise their mid score by over 70 points in a matter of a week. I've also had customers who I could not help bump their scores up. It will be different for every person. 

Good luck!
  • January 17 2014
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It seems that your credit score should still be acceptable. The lowest credit scores lenders like myself are able to do, is a score of 580. So if all your other finances are in place lenders can work with that score. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 17 2014
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Profile picture for gator70
You can move your FICO up 15-25 points higher in 45 days if you work on it.
  • January 16 2014
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Good Day Hope Hays,

I have lenders that can assist with credit scores as low at 600.  If you are interested in getting pre-qualified (the first step to buying a home), contact me and i can direct you my vendors.  I actually have 3.

Angelique Graham
Keller Williams Realty Intown Atlanta
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  • January 16 2014
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Profile picture for Clearpoint
There are programs that allow credit scores lower than that but a credit score alone is not what will determine if you can qualify for a mortgage.

I would contact a lender in your local area and see what you can be pre-approved for given your current financial situation.
  • January 15 2014
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Profile picture for erynam
Talk to a Mortgage Broker and he will be able to give you all the informations necessary.
  • January 15 2014
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which state are you in ?
  • January 15 2014
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