Credit Score in El Paso>Question Details

Vanessa, Home Buyer in El Paso, TX

How much would we quailify for?

Asked by Vanessa, El Paso, TX Sun Nov 22, 2009

My husband has a credit score of a 547 and makes 14,800 a year what would we qualify for?

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4
Yvonne Russell, El Paso Remax’s answer
Hi Vanessa,

Well, I applaud you and your husband for your ambition toward homeownership. By my estimation, you would probably qualify, if you can find a lender, for a mortgage of $450.00, which translates to a mortgage of about $50,000. Unfortunately, your score is on the low end but the good thing is that you can always improve your score. You may even want to check with the three credit bureaus to make sure their information is accurate. You have the right to challenge any information on your report. This is where I would recommend you start. You should consult with a mortgage company or your bank for more information. Please understand my opinions are based on my experience as El Paso Realtor and may not be completely accurate because I don’t know what your debt/income ratio is.
0 votes Thank Flag Link Mon Nov 23, 2009
BEST ANSWER
Howdy Vanessa
You have taken the first big step to being a home owner, the desire! Credit scores are very important and frequently there are items on the credit on the credit report that do not belong there. This is quite easily remedied. Otherwise we might put you on a prescription to bring up the scores and surprising this can happen rapidly just with the desire. On my great team are mortgage professional and credit repair specialists as well as the best buyer agents in El Paso. Contact me and we will get you moving towards being a homeowner. Wishes for an awesome Thanksgiving to you and yours
Web Reference: http://www.EPHomeSearch.com
0 votes Thank Flag Link Sun Nov 22, 2009
Vanessa,

I also want to mention that we need some more info and sometimes renting might be the better option.

Do you have cash reserves to use for closing costs and a downpayment?



Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Sun Nov 22, 2009
Based on the credit score of your husband, I do not believe you will qualify anywhere. I know there are programs out there that go a little bit past the 620 which seems to be the number but 547 is lower.

What about yourself? Are you working and what is your score.

If I may be so forward how come his score is so low? I would work on resolving what is causing the low credit score to start.




Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Sun Nov 22, 2009
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