Can you get a mortgage with a credit score of 622?

Deal Score0

I am looking to purchase a house for about 90-100k. I’m searching for REO’s. I was turned down today by a bank. The bank lady said I needed to pay off two items on my credit report. I heard that credit unions are easier as far as loans, because some underwrite in house.

My husband and I bought an REO a year and a half ago. It was being sold by a realtor and we used a realtor, we had it inspected, got a lender, received a mortgage loan and signed all the paperwork and title.

Today someone came by our house and told us that he just bought it at a trustee auction. My husband and I are freaking out. We own the house, we used all the legitimate steps and we are funded through bank of america. Should we be worried?

6 Comments
  1. Reply
    src50
    April 29, 2011 at 8:58 pm

    622 is marginal nowadays. And if you have a couple of negatives on your credit report, that will kill you. Get them taken care of first.

  2. Reply
    akayalath
    April 29, 2011 at 9:37 pm

    Do not go see a bank for a home loan. You credit score is pretty good and is average. You should visit like re-max.com or other realtors. I’m working with re-max and my credit score is only 576. ask about first time home loans and the Ameridream loan. you can get a house believe me..i almost gave up myself!

    • Reply
      Kris
      July 6, 2011 at 7:19 am

      According to the Ameridream website, congress has done something that makes gift down payments illegal or something. Makes no sense to me, but that’s what I just read on their website.

  3. Reply
    godged
    April 29, 2011 at 10:36 pm

    No. This person must be misguided.

  4. Reply
    savvy61
    April 29, 2011 at 10:57 pm

    the banks lawyers would make sure all is ok for the bank – if you hired a lawyer they should have ck’d on everything – did anyone do a title search? banks usually require one. you should be ok

  5. Reply
    Landlord
    April 29, 2011 at 11:15 pm

    You failed to mention if you paid your mortgage or not. If you didn’t the house very well could have been foreclosed again.

    You need to contact your title insurance company, they are there to protect your title if it comes into question, which apparently it has.

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