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Is It possible...

New Member

Is It possible...

Is it possible to obtain a mortgage loan with a median score of 610?  And, would it help or hender my mortgage application if my husband (who does not have a credit score) is a co-borrower on the loan?
5 REPLIES
Moderator Emeritus

Re: Is It possible...

I would try and get your scores up a bit. See the Scoring 101 Thread.
Regular Contributor

Re: Is It possible...

Tuscani is the expert and he is right. You can be too anxious to buy you own house and get yourself into a mortgage that you won't be able to afford. Get your scores up and then get a mortgage that you can negotiate fees on so that you don't have to pay too much. READ his 101 it will help you a great deal.
EX. 780 TU 794.
Contributor

Re: Is It possible...

I was pre-approved with a mid-score of 610 for a $160k loan with a 7.25% interest rate for 100% financing, but the PMI was HIGH...almost $250 a month!!  I've raised my score to 630 in a matter of weeks (by paying down a CC) and the PMI has gone down to $135 a month.   Now I'm just trying to get my score up to hopefully lower the rate a bit. 
Regular Contributor

Re: Is It possible...

good job bsf56. I know from experience it nice to be in charge when you get a mortgage so you can reduce those cost that don't help you loan.
EX. 780 TU 794.
New Member

Re: Is It possible...

Thanks...I've already paid the total "settlement amount" on my Dept Store CC.  And, I have my only other CC bill paid directly from by Checking acct.  I'm also going to write a GW letter to my creditors in order to have them remove the late payments...I hope this helps!