As a matter of fact Wells Fargo will approve mortgages with a 620 score, of course there is more to the approval than just the credit score. If I can assist you in the purchase of your home it would be pleasure. I can be reached at 813-361-7001.
Its very possible to get a loan based on that score, however your score alone is not the determining factor. My advise is to talk a loan officer or a mortgage broker in detail of your situation. If you have a recent copy of your credit report, they should be able to walk you thru it and identify any potential problems you may encounter. Make sure you are comfortable with them and there professionalism. If they tell you that "yes they are sure they can get you approved" , asked them what the approval is contingent up on? When can they provide you with a commitment letter? Provide them with the documentation they require in a timely fashion, and assure your self that they are dotting their I's and crossing there T's. Open and constant communication with them is key, so make sure that who you work with will answer your calls or at least gets back to you in a timely fashion. If they are waiting to the last minute to verify any information, that's a sign of trouble. remember you want as much time as possible to correct any mistakes or get any documentation that the underwriter may require. I see some people have suggested going with Wells Fargo. I have personally worked with Wells Fargo in the past and they have done a superb job. Who ever you decide to go with, just make sure they keep their eye on the ball, communication is key. Good luck to you and if you have any questions feel free to contact me.
I have a lender who will do FHA loan down to 600 credit score. I'm Chairman of mortgage and Finance division of Orlando Chapter of National Association of Real Estate Brokers (NAREB).
Please contact me and I'll be happy to share more and answer your specific question.
Your debt to income ratio seems fine and you can definitely borrow 294k or may be even more.
I'd love personally help you take care of your funding/mortgage needs and help you buy your new house to call home. Who knows I may even be able to sell you a brand NEW home with warranty and even 100% financing* and closing costs assistance.
I urge you to read my profile here and contact me asap.
* 100% financing may only be available in certain areas.
You can get financing but there is more to your file than just a credit score. If you have derogatory credit that has gone unaddressed, you could still have problems. It can be done if structured correctly. FHA or USDA will be the way to finance.
Call me or email me and I will give you a free evaluation....no obligation required.
Florida Mortgage Coach
Home Run Real Estate inc
All we would need is 2 years same profession and you are approved.
You can apply at the link below or call me at 561-210-3000
Myke Triebold, GRI, LMC