Zillow Advice: Buying Process - Will a credit score of 650 prohibit or make it difficult to obtain a home loan? http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ Zillow Advice | Zillow Real Estate &nbsp;[spam] http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ &nbsp;[spam] Wed, 26 Nov 2014 21:33:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2014-11-26T21:33:00Z I was in the mortgage industry ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ I was in the mortgage industry for years and worked in the market that was for clients with "risky" credit reports or history.&nbsp; <br/><br/>This is what you can expect, even with FHA loans.&nbsp; You must explain each late on your credit report and tell why it will not happen again.&nbsp; That is very important.&nbsp; Also, have some reserves in the bank, a good six months shows dedication to savings by the banks.<br/><br/>If you can not qualify, do not worry about it.&nbsp; It is not the end of the world and in-fact, usually is a good thing.&nbsp; The wow or purchasing a house wears out after the first couple of payments so be conservative and never push the income ratios.&nbsp; I have always been one to push for a 25% mortgage ratio with no higher than 32% on the back, but lower with lower credit scores.<br/><br/>My advice, work on eliminating debt, which will improve your credit score and save more for the down payment.&nbsp; 20% down should always be the starting point. Mon, 06 Oct 2014 11:40:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2014-10-06T11:40:00Z Your score should be okay ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ Your score should be okay however lenders will also consider your income, employment history, down payment. It is best to talk to a lender and discuss all possible options. Mon, 02 Dec 2013 02:33:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2013-12-02T02:33:00Z You will be find with a 650. ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ You will be find with a 650. Yes. Several lenders can offer you a loan with a credit score of 580 or better. I've seen many borrowers right at 580 get approved and close on a home before, so your husband should be able to be on the loan as well.. Sat, 30 Nov 2013 02:00:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2013-11-30T02:00:00Z 640 is the best lowest number ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 640 is the best lowest number with no 30 day late on your credit, no bank rupt, and no deliquent. Banks are taking less risks these days. Sun, 04 Sep 2011 02:29:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2011-09-04T02:29:00Z Interesting how you got 4 ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ Interesting how you got 4 responses from people who are neither licensed nor qualified to provide mortgage advice.<br/><br/>Those scores will not disqualify you and should you go with FHA or VA neither has tier pricing for score (though individual lenders may tier price).&nbsp;<br/><br/> Sat, 03 Sep 2011 23:44:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2011-09-03T23:44:00Z I just got approved with ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ I just got approved with a 650 score. But i'm sure it had to do with my income also Sat, 03 Sep 2011 18:19:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2011-09-03T18:19:00Z You should be alright, but ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ You should be alright, but it would be best to try and get your scores up. The better your score, the lower your interest rate and the lower your monthly payments will be. Also, it is best to save up for the down payment. It will be hard to wait, but you will be much happier with the long time debt terms than if you get a mortgage that you don't have to put much down. Plus, you will be invested in the home and it will feel much more your very own. Wed, 31 Aug 2011 14:28:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2011-08-31T14:28:00Z You should be ok at 650 if ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ You should be ok at 650 if your employment history is good and your debt to income ratio is where it should be. A lender will also look at your savings and other liquidable assets prior to giving a mortgage pre-approval. Best way to find out is to meet with a lender in your community. Tue, 30 Aug 2011 21:23:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2011-08-30T21:23:00Z While your credit score is ... http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ While your credit score is important, it's not always the only factor taken into consideration in approving a mortgage for you. Meet with and assemble a team of quality full-time professionals: Licensed Real Estate Agent, Mortgage Broker, and if appropriate in your locale, a Lawyer, and seek their counsel. These are critical assets in making one of your most important life decisions. Good luck! Tue, 30 Aug 2011 20:53:00 GMT http://www.zillow.com/advice-thread/Will-a-credit-score-of-650-prohibit-or-make-it-difficult-to-obtain-a-home-loan/413701/ 2011-08-30T20:53:00Z