Can we qualify for a home loan with my Credit Score at 653 and My wives at 686?

We have had no late payments in over 3 years!

I currently own a home that she is not listed on and I am current on payments. I have owned the home for 8 years with 0 late payments.

Update:

Sorry Credit score for me is 643 not 653.

2 Answers

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  • 6 years ago
    Favorite Answer

    Usually, yes! Most of the time u only need a 640-650 to qualify. Sometimes even just a 580-620 for an FHA loan (higher interest rate).

    BUT! It also depends what all is on ur credit report, job history, payment history, stuff like that. Its not JUST your score they look at. Its your whole report. (You can get a free copy of ur report at annualcreditreport.com)

    For instance, I'm trying to build my credit. I only have a 611. I had 6 negative things on my report (unpaid/late dr bills) I then paid them off in full BUT they were still listed on my report as being late and unpaid for a good period of time. So even though they ARE paid, it still looks bad because they went unpaid for so long. So what I did was disputed them and asked for them to be removed from my report since they were paid in full. If they do remove them, my credit score will DROP a little bit because I went from 11 things on my report down to 4. BUT there are NO negative things left. So its worth it in the long run.

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  • Anonymous
    6 years ago

    If you have equity in your home and you are employed full time 12/18 months, you should be able to get a line of credit, The rates are about 2 to 6% which is still a good rate. If you go into the bank Tuesday, you'll have your answer by Thursday.

    Source(s): Retired bill collector 35 years
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