Can I buy a home with a credit score of 630 with a few negative items and a high debt to ratio?

Asked by: of Ocoee, FL on 2013-10-21T17:43:42Z

Best Answer:

Credit scores that are below 620 can be financed but if you work with a mortgage lender your wife's score might be able to be helped with a few credit adjustments recommended by a good banker. Another concern is debt to income ratio and your lender can give you information on how that impacts your potential interest rate. Avoid the lease to own that is typically a person that has several restrictions that make it very difficult to actually buy the home. Good luck with your move.

2013-11-04T19:10:44Z

I would need a 620 mid score. Who has alot of the debt is is joint with your wife or just mostly one or the other Perhaps we could see how you do on your own with score and debt to income. I can lend nationwide.Regards Brynn

2013-10-23T17:21:23Z

Yes you can however banks are getting very sketchy latley. The norm has been 625. Now you mention negative items and high debt ratio may blow you out. Please contact me I work very close with a credit anaylist and currently a client. I will pass on to you why I believe in this product. I am on my way to a 750 and higher by 5 months max. Look to hear back

2013-10-23T20:27:12Z

You can with your score however you wife score will bring you down. I have a credit anaylist that is excellent and got me a fast 25 points and can probably do for both of you. I am a client of hers and can testify to her quality of work. I am also a realtor. Plee feel free to contact me anytime

2013-10-23T20:37:14Z

we can go down to 580 scores. If you have at least 3 positive trade lines on time rent history and funds for minimum 3.5 down payment and closing costs and up to 6 months payment reserves you could approve. Call me and we can go over.

2013-10-25T14:22:55Z

Yes I have lenders that allow down to a 580 credit score as long as we can meet the remaining underwriting guidelines. I am not a fan of lease options for a variety of reasons. You would be better off just renting versus lease option - if you are unable to get a mortgage.

2013-11-04T18:02:26Z

Credit scores that are below 620 can be financed but if you work with a mortgage lender your wife's score might be able to be helped with a few credit adjustments recommended by a good banker. Another concern is debt to income ratio and your lender can give you information on how that impacts your potential interest rate. Avoid the lease to own that is typically a person that has several restrictions that make it very difficult to actually buy the home. Good luck with your move.

2013-11-04T19:10:44Z

Are you still looking for a home I know of an excellent program that may be able to help you. You pick out the home and it's purchased and rented back to you. Then you have the option to buy it at any time.If you're interested in learning more please let me know.

2014-08-31T22:18:02Z

Rick it is good that at this time you are looking into becoming a home owner instead of renting. In many cases it may be more profitable to own than rent. I would advise you to go to a reputable Lender to find out what you can qualify for. When you get a professional to provide the information you need you will be able to make a decision that is based on reality not opinion. If you need help finding some quality Lenders I can suggest some for you to contact. Best wishes.

2014-09-01T14:21:49Z

With a score greater than 580 most builders and lenders are going to ask you to try and financing the home on your own. Our firm offers FHA and VA loans with scores down to a 580 minimum score. Anyone at Homestar will treat you right.

2014-09-08T02:14:57Z

You have some lenders that will lend to you if your score is at least 580 with as little as 3 1/2 down. Also depends on your debt ratio....You can not have any collections....best to talk with a local lender they can help you get prepared to purchase.

2014-09-08T04:08:55Z

Hi Eric It has gotten easier to get mortgages. Not all loans are based on credit scores. Please contact me so that I can be of further assistance. Thanks.

2014-09-11T22:53:21Z

As a realtor my full understanding is that all derogatory remarks and disputes need to be removed before it gets to the underwriter. I just went through this process if your loan officer believes this will happen they take the risk on helping you or not. Credit score need to be the minimum of 620. Anything below that you will receive a higher rate meaning a smaller home you are penalized because you are a higher risk. I have a young lady that grew my credit in Sanford I live in Saint Cloud and watch my credit grow before my eyes for me to write my contract for my home to be built three weeks ago as I listened to wise consul. I can go on about the great testimony. Once you have your credit score in tact and have minimum debt so that you can qualify for a higher priced home or a home that fits your family needs. I will stay away from rent to own Central Florida is not the ideal location for this from my opinion. I will email you. Savvy Central Florida Agent Kevin Strawter

2014-09-12T00:21:26Z

Hi Kevin Yes you can Call me or email me and I'll put you in touch with a broker that has 30 years of experience and will pre-approve you for the amount that you can qualify according to your income. Victor954.772.0108 Be well

2014-09-12T17:14:53Z

Hi Kevin Yes you can Call me or email me and I'll put you in touch with a broker that has 30 years of experience and will pre-approve you for the amount that you can qualify according to your income. Victor

2014-09-12T17:22:03Z

You most certainly can. If you would like to get in touch with me I can have a lender who specializes in this get in touch with you.

2014-09-27T00:30:23Z

As a realtor to my knowledge there is no home builder that will support this cause. In this case they are looking out for their best interest which I can understand. Look at it like a car it is not new anymore once you drive it off the lot permanently and the value decrease and not considered new. In a home this is way too risky for the builder not in their favor. The negative or dispute items need to be paid off or undisputed. I just wrote a contract for my final residence and went through the exact process. Lending practices are not letting up as much due to the last ten year bubble. I have a personal counselor that helps teach you how to grow your credit and it helped me immensely right before my eyes I have learned a lot through her.

2014-09-27T02:42:37Z