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Can we get a First time Home Mortgage with a credit score of 603 and No banckruptcy or Collections

by cynthi_513_143 from Portage, Indiana. Aug 1st 2012 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

Generally speaking, yes. Realistically, the odds are stacked against you with that low score. Most lenders don't offer anything at that level. But remember, score along does not an approval make. Down payment, debt-to-income, jobs, job history, and a whole lot more go into an approval. Contact a local licensed Loan Officer, give them your information, and let them professionally review your situation. Word of caution. Bank loan officers are not licensed. Don't call a bank or credit union.

Aug 1st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

You can probably get a mortgage if you go with a mortgage broker that covers IN. There are lenders out there that will go down to a 540 middle credit score but I am not sure about your area. You will have to qualify with other factors as well like down payment, reserves (2 months full mortgage payments), debt to income ratio, etc.

Aug 1st 2012
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Scott Swinford (scott@nwiloanguy.com)
#16 ranked lender in Indiana - 21 contributions

Yes, you can get a loan with a 603 mid-score, but the approval is also dependent on other things also just as Joe stated. To be simplistic, it depends on why your score is 603 and if you have demonstrated the willingness and ability to make a mortgage payment.We have helped numerous buyers in NW Indiana with 600-639 scores, so I know it can be done. Just be prepared to work hard with your lender to make it happen.

Aug 1st 2012
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Allison VanPelt (Allison)
#24 ranked lender in Indiana - 3 contributions

Yes, we are a direct lender and can do FHA purchases down to a 580 credit score. Other factors will come in to play. Call me and I'll see what I can do for you. Allison VanPeltPlatinum Home Mortgage765-532-4065

Aug 1st 2012
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

640 is the goal if you want to keep the home loan process simplified and do not want to go through an arduous underwriting process. If you have no bankruptcy or collections on the credit report, your credit score can easily be reviewed to show you how to get you to the necessary score in the shortest amount of time. Getting to a 640 score will be in your best interest. If you would like a second opinion on your credit, please contact me. 219-662-0166 x21

Aug 1st 2012
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Larry Lechel (Larry@GenevaFi.com)
#15 ranked lender in Indiana - 38 contributions

I offer FHA loans down to a 530 credit score (requires 10% down) and down to a 580 with on 3.5% down. As JoeMetzler indicated there are other requirements like Debt-to-Income ratios, job history, etc.., that come into play although the direct answer to your question is YES. You can reach me at Larry@LechelMortgage.com or simply apply on my website at www.LechelMortgage.com and I can give you a credit answer within 30 minutes of applying.

Aug 1st 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

first, i am a hoozier.. i was born in south bend Indiana!!!! also, what type of employment do you have ? down payment ?? co signer available if needed?? A lot a factors play into this, how long on your jobs, married? single?? have you established much in credit?? that can affect your score... my email is yourloanpartnerforlife@live.com or phone me at 602-330-1598 linda

Aug 1st 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Have Linda or Allison help you with your application. Based on credit score you will be able to find a lender to accept 603, the other criteria must be met as well (income, down payment, etc.)

Aug 1st 2012
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As mentioned, I am aware of some lenders who will lend at 603; however, I would like to discuss with you the potential to raise your score so that approval process will be smoother and you will save by having a lower rate! Contact me at Nathan@Morcredit.com or (917)684-6047 to discuss further.

Aug 6th 2012
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