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are there any loans for borrowers in the 630 credit range

last i checked i was 633 for my fico score. i have very little debt, 60k annual salary, and hoping to get a mortgage with as low interest as possible (surprise, surprise) in the next 4 months. i have not started house hunting. what can my credit get me as of now? by kreeveyr378396 from Broomfield, Colorado. Feb 9th 2015 Reply


Justin Borvansky (JustinBorvansky)
#42 ranked lender in Colorado - 7 contributions

I help many clients get past the 640 mark and it opens up a lot of options. Feel free to give me a call 303-919-4288Regards,Justin BorvanskyCitywide Home Loans

Feb 9th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

lenders look at all 3 of the major bureaus and use the MID score of all three.. for most lenders, 640 or above is acceptable.. some will go to 620, and some will go 600 down to even 500.. Understand that the lower the score the more strict the guidelines and few that apply actually get approved.. this all being said, if your mid score is 633, then any competent loan officer can get you financing.. but you need to be careful who you choose.. Brokers are best equipped since they will take the time to help you improve your credit to get you the best possible terms.. but the guy at the local big box bank usually wont help you work on your credit.. they will usually just turn you down.. So in its possible you can get approved now, but if not, then a good mortgage broker can help you get there really quick.. even in as little as 5 days.. so for this reason, The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 9th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

With as low as a 620 middle credit score you can qualify for up to 97% on a Fannie Mae backed loan or 96.5% on an FHA loan. Remember the higher your loan to value on a fannie mae backed loan the higher the interest because it is more of a risk. Also on a fannie mae loan with a 633 score your rate will be higher than someone with a 640 or 760 middle score. FHA isn't as score driven as Fannie Mae so your rate won't be that much different than someone with a higher score but still won't be as good. Credit is looked at in 20 point buckets, if your middle credit score is 620 to 639 you are in that credit tier, from 640 to 659 is another and so on up to 780. Most important is to sit with a local mortgage pro now and get a true pre approval, what this means is bring in your pay stubs and last 2 years tax returns and w-2's so they can run you through their automated underwriting system, this way their are no surprises and your Realtor will want that pre approval to make an offer.

Feb 9th 2015
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Jacob Haddan (JacobColeHaddan)
#71 ranked lender in Colorado - 35 contributions

You have lots of options 97% financing, 96.5% financing, 100% in some cases with assistance or if your former military. I can do credit scores from 530+ so lower then anyone who has responded I believe. Call, text or apply online at Jacobdenver.com Jacob Haddan Phone 720.210.7898 Email jacob@jacobdenver.comThank youJacob Cole Haddan - Mortgage Broker/Banker MCG Powered by MAC5 Mortgage Inc. |www.jacobdenver.com| South Denver Location: 7935 E Prentice Avenue, Ste 200 Greenwood Village CO 80111 |North West Denver Location: 225 Union Blvd, Ste 350 Lakewood CO 80228 || iPhone: 720.210.7898 |Fax 1.866.426.2203 Regulated by the Division of Real Estate CLICK HERE for my online application www.jacobdenver.com NMLS#232061 Colorado LMB# 100007576

Feb 9th 2015
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Jacob Haddan (JacobColeHaddan)
#71 ranked lender in Colorado - 35 contributions

Always make sure your dealing with a licensed Mortgage Loan Originator as some people on Lender411 are not licensed and may be looking to steal your identity. Check your person out at http://www.nmlsconsumeraccess.org/

Feb 9th 2015
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Jacob Haddan (JacobColeHaddan)
#71 ranked lender in Colorado - 35 contributions

The only licensed lenders responding are out of State also keep that in mind. I have an office in the Denver Tech Center and Lakewood would love to meet at either Location to show you we are a legitimate Colorado Based Business. Jacob 720.210.7898

Feb 9th 2015
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Melvin List (melvinlist)
#145 ranked lender in Florida - 124 contributions

Yes, I would compare FHA, My Community to 97%, and Home Possible to 97% depending on income for your county.I only lend in Florida!

Feb 9th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

A good question to ask yourself before you get started is how much YOU would be comfortable paying every monty, not simply much can you borrow. You'll get much better rate and/or fees and have an easier time qualifying if your score is a little higher. Over 640 makes it easier, and over 680 will get you much better rate and fee options if there are easy ways to bring that score up before you buy. A large downpayment can also be helpful in lower the rate. Good luck!

Feb 9th 2015
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

FHA and VA loans require 580, Conventional and USDA require 620. A better score will get you a lower interest and save you a lot of money in the long run. If you want to send me an email, I can advise on what you need to work on to improve your credit (no credit repair company needed, you can do everything yourself). Keep in mind that lenders use an older scoring model than consumer agencies, so your credit will probably be lower when a mortgage company pulls it. My email is dana@utloanofficer.com - I have both a Utah and Colorado license.

Feb 10th 2015
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