Credit Score in Myrtle Beach>Question Details

Hopeful, Home Buyer in Myrtle Beach, SC

I have a credit score of 628 and nothing negative for 2 years & paid off all past due debt. Will it be hard to get a mortgage?

Asked by Hopeful, Myrtle Beach, SC Sun Feb 12, 2012

I make $58,000 a year when my bonuses are included with a base salary of $47,000. I'm looking at homes in the $140,000 to $150,000 range. Despite my income and very low debt I'm afraid that it won't be enough to make up for my past debt issues. I've seen that Wells Fargo had lowered their score requirements last year. Is that true or just another misinformed internet story.

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Jerry Pinkas Real Estate Experts
854 Jason Blvd - unit G
Myrtle Beach 29577
0 votes Thank Flag Link Thu Feb 16, 2012
Every one of us who respond would like your business including me. My most recent buyer was pleasantly surprised to learn she qualified for a home even with her husband's job ending and having a mortgage on their present condo. She got the answers she needed and will move in the new home in three weeks. Call Roy with no obligation. If this has been helpful please call me(843.457.7339) and we'll find what you want.
R. Roy Dunn
Real Estate Mortgage Network, Inc.
Myrtle Beach, SC 29577
4214 Mayfair Street, Suite D
Ph: 843-446-4663 | F: 803-753-9432
0 votes Thank Flag Link Mon Feb 13, 2012
In my opinion you should be able to qualify for a mortgage with a 628 credit score.
0 votes Thank Flag Link Sun Feb 12, 2012
Your score will not prohibit you from getting a mortgage, it will cause a lender to look very carefully at everything else in your file and make certain that you are now a good risk. Be prepared for a lot of conditions, explanations and document requests. Depending on your down payment and other debt, you may even qualify for more than you are thinking, if you get approved.
The only way you'll know for certain is to meet with a good local lender, discuss your concerns and if they see an opportunity for you, apply. If you don't get an approval you will learn what steps you need to in order to qualify sooner rather than later.
0 votes Thank Flag Link Sun Feb 12, 2012
For a personalized answer regarding mortgage qualification, visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Feb 12, 2012
The best thing to do is try to get a pre-approval for what you qualify for. I would be happy to put you in contact with a 2 or 3 different mortgage brokers. I have found some can do more than others. This way you know what you can do or can not do,and know what you need to do to go forward.These people do this everyday and stay on top of any changes for criteria etc. that you may need.
0 votes Thank Flag Link Sun Feb 12, 2012
The best thing to do is to apply for a mortgage. As soon as the lender pulls your credit he or she can tell you if you are qualified or not. If not they can advise you of what you need to do to pull your credit up a little higher. They can also tell you how much you are quallified to borrow.
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0 votes Thank Flag Link Sun Feb 12, 2012
Is it better to contact a real estate agent and let her work with a lender or we contact a lender direct?
Flag Mon Mar 31, 2014
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