Hi there

keep feeling positive about your score - you will generally be able to find a lender that can help you. There are various levers that the lender can change, such as the money you have to put down or the interest rate, or the type of loan. Here is an online form for a pre-qualification in case this helps. Good luck with your search. http://www.pattonpropertygroup.com/article/articleview/22365…

Renae, the best approach is to get in touch with a good quality mortgage broker. They will be able to get you pre-qualified for a mortgage before you go out and start shopping. They will also be able to tell you just how much you will need for closing cost, down payment, monthly payments, etc.

I have a great contact for you if you are still looking. Let me know.

Hello Renae,
You should be able to get a loan; as the others have said correctly, the rate will likely be higher. Remember, though, that we are experiencing historic low rates still, so even a high rate today is better than an average rate in '98. Your income versus monthly expenses will be a large part of the equation. Lanice Self with Starkey Mortgage is a GREAT person to talk with. She will work a loan one way and the other until it is successful or if it can't be successful, she will guide you in the path for success. Tell her I told you to call because she loves to hear where inquiries come from. Her number is 828-232-2884 office, 828-768-2914 cell. She returns calls over the weekend. I notice that you are in Swannanoa; are you looking locally? Please take advantage of our home search tools on our site. Best wishes to you!
Patty, 828-230-0940

Renae - I've talked to lenders who have said they can go as low as 580 still, but you need more down and have a higher interest rate. 10% down will definitely help, but some of that may need to go toward closing costs.

Best thing to do is call a minimum of three lenders, such as the mortgage dept of who you bank with, as well as a couple of mortgage brokers, so they can look at your credit score, your income and monthly debt, and help you determine a price range for a house.

Good luck, it's a great time to buy, and if you're a 1st time home buyer, make sure your lender is familiar with all the programs available out there to help 1st time home buyers. If you need a referral to a good lender, let me know and I can send you her name.

Thanks

Daniel

Renae, I just received an email from a mortgage broker who said anything below 750 will pay higher rates and fees. The ten percent may be an issue, also. Call two or three local lenders and talk to them about your options. According to my sources, rules are changing regularly and sometimes daily.