Reply
New Member
WithAllMyMite
Posts: 2
Registered: ‎08-16-2007
0

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?
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Is It possible...

I would try and get your scores up a bit. See the Scoring 101 Thread.
Regular Contributor
ronq
Posts: 158
Registered: ‎07-16-2007
0

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
bsf56
Posts: 93
Registered: ‎07-31-2007
0

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
ronq
Posts: 158
Registered: ‎07-16-2007
0

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
WithAllMyMite
Posts: 2
Registered: ‎08-16-2007
0

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!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}