Profile picture for sunnykay

i have a 520 and my fiance has a score of 740. Will we get approval for a home loan?

  • July 08 2011 - US
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Answers (10)

Profile picture for shapiroamg

Nothing like bringing a thread from 2008 back to life I always say.

  • August 09 2011
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Hi SunnyKay, I may be able to help you get a no doc loan for your home. If you're interested, shoot me an email at [Email removed by Zillow moderator].. Cheers.

Nyang'ara Omwega 
  • August 09 2011
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What would it take to raise your score?  Have you talked to a professional about what it would take to improve your score and the time frame?  What exactly is causing the score to be so low?  Moving forward, improving your score is a win-win.  It is not that hard to get things back in line.  I would suggest getting to the bottom of the problem and fixing it.

  • July 27 2011
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"I do know of some lenders that will go to 600 on a FHA loan but I haven't seen any close with lower than 600."

Are you polling every lender? How exactly would you see them close? This is a useless comment, it's like saying I hear about gravity all the time, but I've never seen it.

A person with a sub 600 credit score may or may not be a good risk. Only a loan officer that has the resources to assess the credit profile can make this determination. There are many reasons a person's score can be low and they still qualify for financing. As an example, someone that experienced uninsured health problems that was hit with a large medical bill. Others have been laid off and struggled on unemployment until they later regained employment and have been able to make timely payments since. 

Low credit scores are not why people default, they default because of high debt ratios and low down payments. I'd bet on a person with a stable job, 31% debt ratio and a 550 credit score due to issues in the past and 10% down, before I'd put my money on someone with a 720 score and 55% back end ratio and 3.5% down. 
  • July 26 2011
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YES   FHA goes as low as 500 but requires 10% down.
if your Fiance can qualify on her own then you will get better rates and low down payment.
  • July 26 2011
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Your finace would need to qualify on her own for the mortgage.  580 is the lowest score I see getting financing. 
  • July 26 2011
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Most lenders are looking for credit scores around 640 as a minimum - I do know of some lenders that will go to 600 on a FHA loan but I haven't seen any close with lower than 600.

That being said, there are a good deal of credit restoration companies that will help work on your credit scores and have fairly high success rates.  I would recommend that route as apposed to getting a loan with "unfavorable" terms at lower scores.

Hope this was helpful.
  • July 26 2011
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you may want to take the time to see what you can do about raising your score as well.  If both incomes are needed to qualify for the loan, having a mortgage lender look at your credit and running some repair scenarios might have you on the right path in less time than you think.  Credit doesnt get better on its own, and the most important thing is to make sure you are ready and able to buy the home when the time comes.
  • July 08 2011
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With a 520 middle score you'll need to be left off the loan entirely.  
  • July 08 2011
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Profile picture for daveskow
if you need to be on the loan - probably not ( due to the credit score being that low)
if your fiance can qualify for the loan you need on his own - probably yes
  • July 08 2011
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