Please proceed with caution

[williamd1972]

I have  a few inquires from July of  last year. I want apply for both a Parents loan,and Mortgage loan..  I also just paid of my car loan off, about a week ago.  My question is twofold: 1st. Is it to soon for more inquiries? 2 How will the inquiries coupled with my paying off my car loan impact my score?   

[nicktheman]

Alot of people have been writing that you MUST have a 620 mid credit score to be approved for a mortage and that is not true.  My mid score is 607 and I was pre-approved for an FHA loan and looks like I will be closing with 2 weeks on my new house.  If you have 12+ months with no lates then I would take the chance if you have the down payment saved up. 

[mrthoro77]

if you dont mind me asking, which lender did you go through?

I am in the same situation and trying to get a home loan

[Anonymous]

The 620 is not an exact number for sure, but for there to be a sub 620, the underwriters are going to be very picky.  The truth of the matter is that the vast majority of people with a sub 620 score would not get approved right now for one reason or another.  If your file is really clean and the deal is a solid deal then it may go through at under 620.  At sub 620, they are looking for a reason to deny you.  At over 620, they are looking for reason to approve you. 

[tray]

Hi, people with a credit score under 620, I would think they would be getting a sub-prime home loan?