Will I get approved for a home loan with a 607 credit score?

cheap loan

I would like to purchase a fairly cheap townhome (only 115k). Would it be possible to get approved for a home loan (100% financing). If it is any help, even though my score is low, it’s actually on a steady climb upward -from a 540 a year ago.

I’ve been employed at the same business for 3 years, I make decent money and this would be my first home purchase. Will I get approved, you think?

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i think it unlikely u will be approved, unless you have some cash to put down.

Maybe if u are a veteran, you can do it with a VA loan.


You can still get fannie mae approvals down to 575 fico for 100% financing. I have a few approvals right now that are lower than 600 fico score. You’ll need to meet all of the conforming loan requirements for a full documentation loan. No unpaid judgements or tax liens. Have your loan officer input your application through Fannie Mae (DU) Desktop Underwriter. It will tell you the exact requirements specific to your scenario. Other factors: debt to income ratio (you can go up to 65% now), months reserves (number of house payments you have in the bank) will affect your interest rate.
You should also check into FHA, it is not credit score based.


If you plan to pay back the money , you can ask for a loan at Prosper. More information at . You can also try your luck at online charities, people may send donations. More information at


you would need to go FHA with 3% down…..unless you can get your middle score up to 620 to get the MyCommunity or HomePossible programs.

Make sure your debt to income is under 45%…although lenders will go higher with strong files.

If you’re self employed it could be hard to get approved.

I would apply for a mortgage quickly to get a full approval…then make the offer on the house.

You dont want to be losing any earnest money!!!


There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn’t stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.

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