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Is It Impossible To Get A Loan For $168k With A Credit Score Of 656 And A Monthly Income Of $2200? Condo Buy?

Iѕ іt impossible tο ɡеt a loan fοr $168k wіth a credit score οf 656 аnԁ a monthly income οf $2200? Tο bυу a condo wіth, Mу loan officer ѕаіԁ іtѕ nοt possible ѕіnсе mу credit score іѕ below 680. Cаn anyone hеƖр?

6 Responses to “Is It Impossible To Get A Loan For $168k With A Credit Score Of 656 And A Monthly Income Of $2200? Condo Buy?”

  1. It is not impossible, but it is increasingly difficult. I work with lenders who specialize in these type of loans. It can be done. However, whether or not it can be done at that score will be determined more by WHY your score is that low. For example, if your score is that low because you have a couple of 30 day lates or a 60 day late payment in your recent history, then it will be almost impossible.
    There are other considerations as well. Things like the LTV of the property, debt to income and such. But, as far as impossible, no. Difficult, yes.
    You may want to consider having your credit professionally reviewed to see what you can do to improve it.
    If you have any further questions regarding this matter or other credit issues, you may email me at nebula7693@yahoo.com

  2. Your credit score aside there is no way you would qualify just based on your debt to income ratio. If we use a standard percentage of 36% total housing and recurring expenses each month you would never qualify for 168K. Based on that standard you would need to make at least $5000/month. A lender would not qualify you for a loan if your income is not sufficient to cover all anticipated expenses. At your income level probably the most you would qualify for is about $75000.

  3. Your credit score is not the issue as you can get a sub-prime loan but the interest and terms wont be favorable to you though. The issue you have is that your monthly income is too low, regardless if its gross or net income, for a 168K loan.
    Being that alot of lenders are going under with sub-prime loans, no income verification is one of those, it will be very hard for you to get this loan but not impossible.
    Lastly, if you dont have any money to put down, then you dont have a chance. Your chances increases with more money you have on hand as well as lowering your debt.

  4. From first-hand knowledge of credit analysis, your credit score is right on the edge of either to lend or not to lend. The lending decision will probably come down to your DTI (debt to income ratio). A bank feels comfortable if the debts you have outstanding can stay within an acceptable debt range, typically 40-45%. Analyze all of your debts to find out how much of your income they truly eat up and only then can you get a good feel for whether a bank will lend you the funds or not.

  5. not impossible but very difficult you probably should hold off a little

  6. Hmm, well We just got approved for a mortgage with a credit score 640. So I think you shop around a little. Or go to a mortgage broker.
    2200$ a month a loan of 168k is on the high side. That would make a your debt-income ratio quite high. A rule of thump is that if your credit isok, and you dont have alot of debt you can afford up to 4 times your yearly income on a mortgage loan. So for you that would be about 105k. I think you may a co-borrower or wait until your income improves.

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