I received a credit report score 619 & another at 575 is there a possibility of purchasing a home with these scores?

Probably not, but don't get discouraged. There are three bureaus and most lenders look only at the middle score. Plus, many times there are only little things that can be done to get the middle score higher. Your best bet is to work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, most of us have significant training that allows us to review your report and develop a plan to get your score high enough to qualify for the best programs. You can find a great Loan Originator at The National Association of Mortgage Professionals website at www.NAMB.org. Use the Find a Mortgage Professional found on the right hand side of the front page. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

First let me say that it takes so much more than a credit score to qualify for a mortgage.. income, credit, debt and debt ratios all are looked at.. you could have a 780 credit score and still not qualify if you have poor ratios or past derogatory credit.. that being said, there are lenders out there that will lend to borrowers with scores under 640, and some will go as low as 500. understand that the lower the score the more strict the rules are, and few will qualify.. One other thing.. How do you know what your scores are?? If a mortgage lender told you this was your scores than they are probably accurate.. however if you got them from one of the "Free Credit Score" websites, then it's possible the scores you were given are not even close to reality.. our industry call them the "Fako" Scores.. most of the time they are higher than actual, however sometimes they are lower.. it's best if you just reach out to a local mortgage broker and apply with them.. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Joylena,You should have a third score as well. Most lenders won't go below 620 for a middle score. If there are any inaccuracies with your credit we do offer a credit rescoring program (free of charge) that usually takes 48 hrs. Feel free to contact me at 513.618.6563 tomorrow and I can go over some options for you. Thanks. Dan WalshSenior Loan OfficerBank of England dba ENG Lending

Hi Joylena! Each lender you speak with you'll get a different response. We all have the same agency guidelines but we all have overlays (extra rules too) so you may not get the same answer from each lender/loan officer who may respond. What we can offer is financing for scores as low as 530 (mid score or lower of two). Not to say that you'll obtain the best of the best financing terms available but there are options. If your score is <580 then you'd need 10% down (retirement funds or a gift from family is ok). However, depending on your personal circumstance they may require you have reserves. Reserves are maxed out at up to 6 months worth of mortgage payments (PITI + MI if applicable). For example if your mtg payment was hypothetically $500 you'd possibly need up to $3,000 saved (your savings, cannot be gift and should be seasoned/with proven savings pattern; your retirement funds cannot be considered for the program I'm referring to), these funds will remain in your account after closing. They just want to know if anything happened that you could pay your new mortgage. For scores at or above 580 you'd only need 3.5% down. If your score was up to 580 or 620 then you may not need the reserves. Having some reserves good. They are considered compensating factors. There are a few other rules too, like: no new collections, charge-offs, judgments nor any late payments in the last 12 months. Last but not least there are new collection rules (especially FHA) that went into effect Oct 2013. The rules limit the collective balance on any open derogatory account. So long as all of that fits your circumstance thus far, you're in decent shape. If not then there are things we can work on to improve your scores which does nothing but open more doors and options for you. If you have any add'l questions, I would be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Bottom line is subject to your other qualifications, including what the 3rd score is (if any), you may find a lender who can get you approved. However, expect a higher rate or fees and you will likely need a larger downpayment than if your score were higher. Most lenders have minimum requirements of 600-640 with 620 the most common. If you decide to work on your credit before trying to buy (I've seen people raise their scores as much as 50 points in 30 days, depending on the reasons for the low scores) you might check out my blog on this site, and make sure you are getting recommendations from someone who really understands credit - which does not necessarily mean a credit repair company. In many cases people don't have enough open, positive credit to offset older negative items. Good luck!

In theory, yes... Lenders would use the 575 score. With that said, those are very poor scores, and it is highly unlikely that you would get a loan. Work on improving your credit, and trying once that has been done. Contact a local mortgage broker for more assistance on how to do that, and what needs to be done to improve your credit.