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Can we get a mortgage with one low score?

My Fico Scores are Equifax 646 Transunion 766 Experian 746. My wife has great credit. Exuifax is so low due to a $5k surgery I had a few years ago that went into collections and a tax lien is still on there that I have proof of payoff for. by otisg86707 from Tacoma, Washington. 23 days ago Reply


Kerry Greenwald (kerry@creeksidem.com)
#99 ranked lender in Washington - 14 contributions

Otis, short answer is yes, your scores are good but with any loan we will need more information. Call us at 800.920.5420 and we can answer your questions and get you started.

23 days ago
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

The good thing is that qualifying for a mortgage loan is quite possible these days with credit scores in the low 600s though preferably one would have at least a 620 mid fico score. Proof of the tax lien being paid off would be required if your credit report still showed it as unsatisfied. You need not show a collections paid off often times, depending on the amount owed and how long since it went into collections.I highly recommend you do consult with a Mortgage Broker/banker licensed in WA.I have an associate who does my client's Washington State purchase or refinance loans very competently. For a loan comparison and quotes please contact me via my profile.

23 days ago
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,683 contributions

Loan pricing is based on the lowest MID score of ALL borrowers.. if you are the only applicant, then your loan pricing would be based on 746. Most lending programs require a 640 or above, and a handful will go lower, some as low as 550, but it still benefits you because the interest rate will be lower with a 746 score vs. a 646. This all being said, understand that it takes more than a credit score to obtain a mortgage.. you must meet all eligibility guidelines in order to get approved... I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

23 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,371 contributions

The mortgage industry pulls all three of your credit reports. We throw out both the high and low score, and use the middle score for determining everything. So in your case, your middle score is 746, which is considered excellent.

22 days ago
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