What kind of home loan can I get with a 650 credit score?

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asked Mar 16, 2018 in Real Estate - Renting by Taemer (310 points)
What kind of home loan can I get with a 650 credit score?

I have a credit score of 650 is there a chance I can get a home mortgage loan when my credit score is 650?

1 Answer

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answered Mar 16, 2018 by Grahlu (51,270 points)
For a 30 year mortgage loan with a 650 credit score your interest rate will be around 4 to 5%.

The amount of the loan you'll qualify for will depend on your income and how much money you have to give the bank for a down payment on the mortgage.

Some banks however will not give a mortgage to someone with a 650 credit score and will require a credit score of 700 or above for them to qualify you for the home mortgage.

Some banks might give you a mortgage though so you'd have to contact different banks.

If you're unable to qualify for a home mortgage with your 650 credit score then you might have someone with a 700 or above credit score help you get the home mortgage by cosigning the mortgage note with you.

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