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lI applyed for a loan and my credit score was supposely been 619. why was i turned down

I was told you all offer loans with a credit score of 580 by carinaregister197780 from , California. Jan 26th 2018 Reply


Your FICO score is one factor of many that are used by lenders in the loan approval process. How long have you been on your job, what is your debt to income ratio etc. I am a California mortgage broker and would be happy to provide a second opinion. Contact me anytime.

Jan 26th 2018
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Ray Jones (OneRay)
#886 ranked lender in California - 12 contributions

Between 619 and ???Mortgage lenders us the middle of your 3 bureau scores for most lending programs.Fannie Mae and Freddie Mac make the rules for Conventional loans and require a minimum 620 Credit score.FHA, USDA and VA do indeed go well below 620 but the other factors for qualification come into play. These are your capacity to make payments, the property itself, and your savings for down payment and closing costs.I should mention however that most banks and mortgage companies add extra qualification rules on top of the Agency rules so maybe the company you tried requires a 650 or something. It's their money so they get to make rules about lending it out.My company does not add extra rules and there are lots of others who go by Agency guidelines. I'd be glad to help you if you want to call or shoot me a message.OneRay.com

Jan 26th 2018
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I understand that but they was wanting me to pay so much money on some of the open accounts on my credit to bring my score up to a 620. But also stated that I can qualify with a 580 score with a percentage down

Jan 26th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,651 contributions

Score alone does not equal mortgage approval. Income, debt ratio's, job histories and more all come into play. Next, understand that a 619 score is a POOR score. Many lenders will not go below a 640, and if they do, the further below, the harder it is to get approved. I suggest asking the loan officer for more details on why.

Jan 28th 2018
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Ray Jones (OneRay)
#886 ranked lender in California - 12 contributions

That helps Carina. I can tell you applied for an FHA loan. FHA loans can be approved below 580 down to 550 but require 10% down payment. You will also receive higher interest rates the lower your score is. Credit scores are generally not that hard to bring up to 620 within about 6-12 months if you are past the issues that caused the old problems. You might be better off to finish cleaning up your credit before buying a home because you will get a better loan even if rates do climb some between now and then.

Jan 29th 2018
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