How can i qualify for a mortgage with a 620 credit score?

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im interested in buying a home. my first child is here now and i underestimated the amount of space that my spouse and i need to function properly. ive never owned a home and am in desperate need to upsize! Please help.

P.S NO STUPID ANSWERS PLEASE! Thank you

6 comments to How can i qualify for a mortgage with a 620 credit score?

  • smurton  says:

    Get a gas card for gas, for instance a BP credit card, and only get gas with it each month and pay the balance each month- thats what I do

  • Judy  says:

    You might br able to qualify, barely on that credit score, if you have enough income, and a down payment saved. What price range house are you looking at, what’s your income, and how long have you had that much income; and how much do you have saved for a down payment and closing costs? Does your spouse have income also? If so, how much, and what is your spouse’s credit score?

    If you think you might qualify, ask a bank to prequalify you and tell you how much of a mortgage you might be able to get.

  • Use Your Noodle  says:

    Why is your score 620? Do you have bad credit or are you young and have limited credit history?
    You may be able to qualify for an FHA mortgage with a score of 620, but, more goes into a mortgage qualification than your score. You are going to need a down payment, how long you have been on your job counts and your debt/income ratios.

  • Scott  says:

    Probably the bank would require your spouse to be added on the mortgage loan since your score is so low. You probably could get a loan, it would be higher interest. Moreover, I’d take steps to make your credit better such as opening up a credit card, paying off delinquent debts, etc.

  • stan c  says:

    You need a good score which us 660/749 to get a good rate. It will probably take another 12 month of activity to get to 660

  • Jeff  says:

    A 620 credit score is enough to qualify for some loan programs. Specifically I’m thinking of FHA and USDA. Only some lenders will lend down to a 620 so I would suggest speaking with a Mortgage Broker who works with a number of different wholesale lenders. The reason your score is at 620 will also be a consideration, but that score alone will not rule you out. Good luck!

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