cancel
Showing results for 
Search instead for 
Did you mean: 

For a first time home buyer with a 620 score

tag
Carloscda40
Regular Contributor

For a first time home buyer with a 620 score

Trying to get my scores higher by the summer.

What would be the better route to take, NACA Home buyer, Legacy Home loans or go thru PenFed Credit union?

 

Message 1 of 3
2 REPLIES 2
nelson_xxiii
Contributor

Re: For a first time home buyer with a 620 score

I am currently going thru underwriting on a house with current 620 mortgage scores ( Fico 5,4,2) and I was able to pre-qualify thru the builder and their preferred lender for all the builder credits which include $10K in closing costs and a 4.99% on a 30 year fixed rate with those scores. I say this to say, if you are in position to buy and CAN buy don't let your current score scare you away when the market is in a position for you to have some leverage as a buyer. Sellers in my ATL market are doing things like this as well, such as buying down the rate on a 2-1 buy down and $10k towards closing etc. 

 

So if you are able to buy and have all the qualifications but credit may not be the strongest and you are concerned about your score don;t let it be a hold up. Speak with a mortgage broker and see if you are pre-approved now, you may be surprised. Before the market heats back up or the rates continue to rise, either way. I will caution you though that if you are buying make sure you plan to be in this house for at least the next 5 years while all this turmoil and volatility in the market settles. Don't go in thinking you may be able to flip it in two years for a killing like the latest trend, it's very possible that that ship has sailed.

 

Best of luck and hope this helps!

CURRENT FICO 8:





GOAL FICO 8 SCORES:




Mortgage 02/23 $370k | 2 Auto Leases $30k | 1 Personal Loan $2k | Rebuilding (No BK)
Message 2 of 3
nelson_xxiii
Contributor

Re: For a first time home buyer with a 620 score

Also, don't get hung up on the lender. If you go new construction and the lender has an offer you can't refuse with awesome credits, take the best deal available. 

CURRENT FICO 8:





GOAL FICO 8 SCORES:




Mortgage 02/23 $370k | 2 Auto Leases $30k | 1 Personal Loan $2k | Rebuilding (No BK)
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.