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Homepath mortgage qualifications for credit

We've been looking into homepath properties assuming the loan qualifications are more relaxed than others. My wife's credit is 741 but mine is 683 and I'm concerned because I bring in more than 60% of our income. Together our debt is not heavy but very worried about my credit. Please let me know what the minimum homepath mortgage qualifications are and if we'd qualify based on my wife's income alone - 35K per year. Thank you. by decker_alms79423603 from Birmingham, Michigan. Jun 4th 2014 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,428 contributions

Too much info is missing to be able to say for sure, but HomePath is a conventional loan product, and most lenders favor 660 or above credit scores.. that being said, there are lenders who will go as low as 620 for HomePath, however the pricing hits for low score will make the loan very expensive.. assuming you meet all other eligibility qualifications, a 683 score is good and would be acceptable to obtain decent loan pricing.. .. 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 480-287-5714 WilliamAcres.com

Jun 5th 2014
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Richard Lurie (rll411)
#51 ranked lender in Illinois - 8 contributions

683 is absolutely fine. Generally we can down to 620. Most likely, we will need her income so she will have to be on the loan. Give me a call at 847-737-4749 when you have a few seconds....Richard Lurie, The Mortgage Marketplace

Jun 4th 2014
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Jack Cyrul (Jack Cyrul)
#4 ranked lender in Michigan - 94 contributions

I do the HomePath loans and there is a lot that goes into qualifying, more then just a credit score. Please give me a call and we can go top to bottom on if you qualify.

Jun 4th 2014
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

There are a number of different factors that will be taken into consideration to determine if you qualify on top of just your credit score. The best thing to do is contact a loan officer directly, so they can determine if you qualify or not.

Jun 4th 2014
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

Assuming the scores referenced are your mortgage FICO mid-scores, you would be eligible based on minimum credit score requirements. This still does not guarantee that you will be approved as we are long past the days when score alone would determine your approval. Speak with a qualified mortgage professional who can provide proper guidance through the entire home loan process no matter which loan program you opt for. Good luck on the home buying process.

Jun 4th 2014
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Carole Witt (CaroleWitt)
#234 ranked lender in Florida - 25 contributions

Both credit scores are within the range of qualifying. I have worked some Homepath loans and I can tell you Homepath, among others will look at more than the score. The total debt versus income. Sounds like your wife would be fine but the best thing for you to do would be to seek out a lender near you from the approved list of lenders on the Homepath website. You may want to contact a few in your area. I would not allow them to run your credit again. Multiple hits to your credit can quickly reduce your score. The Homepath homes I have worked with go very fast so don't wait. Get in there and choose a lender to get the home your interested in before it is gone!

Jun 5th 2014
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