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Can we get into a Home Loan with credit score of 612?

My wife does not work and my income is $48,000/year, but we can put 10% down on a 250k loan. The question is weather my credit will cause a ding in our rate? Can you tell me? by Franci_673_989 from Santa Clarita, California. Feb 7th 2012 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 2,549 contributions

Can you get a loan with a 612 score and 10% down... YES, but.... Just a score and a down payment statement do make a loan approval make. Most lenders will NOT approve a loan with that score. Anything below 640, and you are not welcome by most lenders. Of course assuming they take that score, you still have to go through the entire underwriting process. You are also likely to pay a higher rate and higher costs for the privilege of getting approved with that very low score. I suggest taking a good strong look at why your score is just 612, do what you can to improve it, and come back into the home market when your score is above 640.

Feb 8th 2012
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Jay Patel (jaypatel)
#494 ranked lender in California - 5 contributions

Hello Franci,I beleive you will qualify for a loan with what you have given so far. We would have to get more details about your credit to make sure we suggest the best product that suits your needs. 612 is a low score these days but that does not mean we cannot package the loan for you. There are many specific factors as FHA financing, conventional with no pmi so we definately need to get more details. Hope this reply helps.Jay Patel, www.0pointloan.com

Feb 7th 2012
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Joseph Afonso (jafonso)
#2 ranked lender in Arizona - 136 contributions

Yes you can get into a mortgage loan with a credit score of 612. With a credit score of 612 the only option will be a FHA loan and you may be given a higher rate. Give me a call if you would like to discuss your options 602-531-7040.

Feb 7th 2012
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Scott McPherson (ScottMcPherson)
#479 ranked lender in California - 25 contributions

Franci, Unfortunately you won't be able to go conventional financing with a 612 score but an FHA loan is a good option. Do you know if 612 is your middle FICO score? If your middle score is higher you might be able to go conventional financing. Either way we should be able to get this done for you. Feel free to email me directly if you have more questions or need further help. smcpherson@c2financialcorp.com

Feb 7th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#141 ranked lender in Florida - 442 contributions

FInd a broker that offers FHA financing...and yes there are LLPA's or loan level pricing adjustments, but at the end of the day you will have a fixed rate under 5% which is still GREAT!!! Wwhen I started in this business people were overjoyed to get a rate of 7% with perfect credit....

Feb 7th 2012
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VINCE GARDEN (globalprivatelenders)
#36 ranked lender in Kansas - 3 contributions

Not really. You can still get credit in this scoring range but you can expect to pay a very high interest rate. A score of 580-619 is not too bad ...620-679 is an okay score...anything above that puts you in the good category. Hope this helps you. To get help contact us at: globalprivatelenders@gmail.com

Feb 8th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 5,006 contributions

Well.. Much more information is needed, but on the surface, your score will not prevent you from purchasing a home.. However I'm not quite sure you will be able to qualify for a $250K home.. Lenders look at "Qualifying ratios", for both the housing payment and overall debt and compare it against your monthly income.. For a housing payment with $4000 monthly income, you're at or above 40%... that's not good, especially with a low credit score... Best advice I can give you is to contact a local mortgage broker, not a bank, and apply with them.. They have access to numerous lenders and can find the right lender for your particular loan scenario. Plus they can show you what you would actually qualify for so you're not wasting your time looking at homes you cannot afford.. WilliamAcres.com

Feb 8th 2012
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