What kind of mortgage can I get with a credit score of 646?

I haven't gone through the preapproval process but I am curious on what range my credit score will qualify me forWhat kind of mortgage can I get with a credit score of 646?
It should qualify you for lots of good stuff, assuming your income can actually qualify you for a home.





Ask about Fannie Mae's My Community Mortgage product. 100% financing with rates only about .25-.5% higher than the lowest rates available, with generally inexpensive mortgage insurance.





Any score under 660 is difficult to get 80/20 financing on to avoid the mortgage insurance. Lenders don't usually offer the 2nd mortgage under a 660 score, and if they do, rates are often double-digit. Which usually means the mortgage insurance is the cheaper way to go. And MI can be tax-deductible now, which helps even out the cost a bit.





FHA is a great option if you can come up with a 3% downpayment from savings or a gift from family. Low rates, reasonable mortgage insurance, easy qualifying.What kind of mortgage can I get with a credit score of 646?
It depends what is or is not on your credit report...collections, judgments, etc. If you would like me to give you a few options, contact me anytime. I do business in these states:





MI, IL, IN, TN, AL, MO, OK, OH, FL





Good luck.





David Woolman





(800) 678-6663 Ext. 5126 Toll Free





dwoolman@shoremortgage.com
Your credit rating is good but there are a few other factors to take into consideration. Income, and employment. A pre approval process takes only a few minutes, and will help you determine what you qualify for based on all three factors, and also what price range you should be looking in. Talk to three lenders, running your credit too much in a short amount of time can drop your scores, and see what they offer in the way of rate, terms, and closing costs. Always have them put their offers in writing, and if they don't don't consider them. I am a loan officer for 7 years now, and can offer you sound advice if you need it if you wish to you can email me. My website listed below can offer you valuable information on what steps to take and what you need to do. Good Luck