NJ First-Time Home Buyers


Financing and Mortgages with a Credit Score Below 620

If you or a friend have taken the necessary steps to purchase a new home, this scenario may be familiar to you;You make a decent income, you have worked hard to save some money for your purchase, and you are working hard to stay within your means. Then you go to be pre-approved, and it seems like the train is about to come to a screaming halt. YOU HAVE A CREDIT SCORE BELOW 620 AND ARE TOLD THERE IS NO FINANCING AVAILABLE FOR YOU.

Is there financing for people with credit scores below 620?

The short answer is "Yes", there is financing for borrowers with credit scores below 620. The reason many lenders say they cannot finance a loan for a borrower below a 620 score is because the investor that is ultimately servicing the loan has restrictions on top of the regular FHA, conventional, VA, (etc.) guidelines.

620 Credit Mortgage Programs - Steve KappreThis is not to say that anyone can purchase a home that has a credit score below 620. But many people can buy homes with credit scores below 620, and would qualify for a mortgage right now, but are missing out since lenders either don't care or don't know about these options. Remember, a loan officer that works for "XYZ Financial" only knows about "XYZ Financial" loan programs. It is not their job to know about other options and it certainly isn't their job to let you know other lenders have such programs.

The programs that allow for financing with credit scores below 620 are both first-time buyer loans and loans for current home owners. If you or a friend have been denied financing but have a decent credit history, take the time to find out what options you still may have. Take a moment to call or e-mail Steve Kappre's office at 856-419-3561 or via e-mail steve@stevekappre.com. You may also text Steve directly in the text box below.


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Steve Kappre is a Mortgage Planner and lends in all 50 states, locally serving South Jersey’s Gloucester, Camden, and Salem County. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Comment balloon 3 commentsStephen Kappre • June 01 2009 10:15PM


Hey Steve,

thanks for the finance info. I do know some customers with low credit scores that would be interested in your post.

Posted by Tony Orefice, Realtor/Harrisburg NC,Concord NC (Wilkinson ERA/www.TonyORealtor.com) almost 11 years ago

Tony - As it often seems to be, so many consumers don't have all the info they need, and some are missing out!

Posted by Stephen Kappre, Helping You Home (KW Hometown) almost 11 years ago

Hi Steve: That's good to know. None of our investors will go below 620 any more. We did have one but they recently changed. Who are you aware of?

Posted by Paul McFadden, Pest Control, Seattle, WA. (Paratex) almost 11 years ago

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