Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage?
Q: I have credit scores of 663 & 640. Will I be able to get pre-approved for a mortgage for under $100,000 with 10% down in today's economy?
A: Yes, you can get pre-approved for a mortgage. However, with those credit scores, your best option most likely will be either an FHA mortgage, a USDA loan, or a VA mortgage.
For FHA, you need only 3.5% down. For both VA and USDA, you can buy a home with no money down. Of course, with VA, you must be military / reserve / national guard or an eligible veteran. With USDA, you must be within income guidelines for the county you want to purchase a home in, and the address of the property you want to buy must be in an eligible area.
Of course, your ability to purchase and finance a home will also depend on your income and credit. Speak with a mortgage lender / broker in your area who offers government insured mortgage programs (FHA / VA/ USDA) and see if can get pre-approved for a mortgage.