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  • Rhonda Porter, CMPS and Licensed Loan Originator 510-LO-32047, helps Washington families with their mortgage needs. Contact her at 206-718-9488 or rhonda(at)rhondaporter(dot)com.

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    « Today has been declared JP Patches Day | Main | HR 3915 Amendments and NAMBs Call to Action »

    Tuesday, November 06, 2007

    Can I get approved for a 400,000 home loan with a 600 credit score?

    Yes...quite possibly!   The title of this post is a question that was entered as a search that found Mortgage Porter.  Someone could buy a $400,000 home with a 600 credit score if:

    FHA Scenario Possibility

    • No late payments or derogatory credit in the past 12 months.  FHA insured loans do not use credit scores.
    • Base loan amount at FHA loan limit (assuming King, Snohomish or Pierce Counties):  $362,790.
    • Just shy of 10% down or a minimum of 3% down plus closing costs with a 6% seller contribution.

    With conforming, if the other qualifying factors (income, assets, employment, down payment) are strong, the borrower may still qualify for a mortgage. 

    At the very least, if your credit score is 600 and you're considering buying a home, I suggest contacting a Mortgage Professional to have your personal scenario reviewed.  The higher your credit score, the better your rate may be for a mortgage and a qualified Mortgage Professional should be able to advise you on how to improve your credit rating.

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    Listed below are links to weblogs that reference Can I get approved for a 400,000 home loan with a 600 credit score?:

    » Facing an ARM reset: Can you refinance with an FHA loan? from Mortgage Relief Formula
    I have been reading a good blog called The Mortgage Porter, by Rhonda Porter. Rhonda is in the mortgage business so she should know a thing or three. In a recent post someone asked if they could be approved for a new mortgage given a credit score of 60... [Read More]

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