Credit Score in Atlanta>Question Details

Catina, Home Buyer in New York, NY

How long do you need credit to buy a home? I have the money for down payment & fair credit. 6-12 months?

Asked by Catina, New York, NY Fri Apr 27, 2012

I have only 2 credit cards on secured and one none secured. I pay all my bills on time and have no derogatory bills my credit score it 677 and going up each month. I have to many inquires and got turned down by 2 credit cards because of short credit history and 2 many inquires. I was told I need 3-5 credit cards to get a mortgage and they can not be secured credit cards. I want to move ASAP can I get any advice.

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Good morning Catina,

Based on that score, with 2 credit cards open and active for at least 12 months, it sounds like your credit is sufficient to qualify for mortgage financing. I'd recommend meeting with a Local Mortgage Banker.

Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.

As to price---rate and fees---competitive if not better than the BIG BANKS.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
There are other factors besides credit that determine mortgage qualification, such as income, debt, etc.; therefore if you haven't visited with any licensed loan officer, for a personalized answer consider doing so. At the very least, if you don't yet qualify, he/she may offer great suggestions as to what needs to be done.....
0 votes Thank Flag Link Fri Apr 27, 2012
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