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I have a credit score of 645 is this good enough for a mortgage?

I had past issues with my credit , theres not much on there now and my score is 645 , I'm looking at a house thats about 60K , what are my chances of getting a mortgage with little down in Ocala Fl? by sertor_555 from Ocala, Florida. Aug 1st 2011 Reply


Steve Sexton (steve@1800valoans.com)
#41 ranked lender in Washington - 23 contributions

FHA loans are still available AT 3.5% down with a credit score of 620 or better. Steve Sexton steve@1800valoans.com 877-376-0223

Aug 1st 2011
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#0 ranked lender in

The score will qualify but the it depends on what the issues in the past are. You may also have a hard time frinding a l3ender to do a 60k loan amount.

Aug 1st 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 2,430 contributions

A 645 score is low, but good enough to pass the minimum credit score requirement of most lenders for FHA financing.

Aug 2nd 2011
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J Martin (jmarr91)
#15 ranked lender in Georgia - 25 contributions

Depending on how you're going to finance your property. 5 - 10% down with conventional, 3.5% down w/FHA financing and if you're purchasing a HUD home, some lenders are still using the $100 down HUD homes program. Also, check with your local RE Agent to find out if that particular county has down payment assistance programs. I know in GA, there are quite a few...depending on where you purchase the property.Here are a few items that the lender look for: Stable employment for the last 24mos, at least three (3) solid tradelines, two (2) yrs of verified residency...other necessary documents for financing.

Aug 2nd 2011
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