Financing in Carmichael>Question Details

Al Rich, Home Buyer in Carmichael, CA

I have a 710 Credit score average over the 3 bureaus. We have the deposit for a 5% deposit on a $250,000 home, can I get a mortgage?

Asked by Al Rich, Carmichael, CA Sat Mar 26, 2011

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Answers

14
What is your yearly salary? Do you have a car payment? Student loan? Credit card? Feel free to call and we can talk though your options.
0 votes Thank Flag Link Sun Aug 26, 2012
Elk Grove homes: You forgot that you already took the bait and answered this posters question a year and a half ago. That old answer "I have started with many buyers that are opposed to FHA because of the mortgage insurance. A 5% conventional will require mortgage insurance also.

I think you should go FHA."

Did you change your mind about your advice?
0 votes Thank Flag Link Sun Aug 26, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Are you withholding information, this seems like a baited question. People should post only serious questions and not use this board as a place of comedy.
0 votes Thank Flag Link Sun Aug 26, 2012
Times do change, especially in the lending area.
Flag Mon Aug 27, 2012
Caroline,
First, you should ask this as a separate question, rather than part of this thread.
Next, you may need to establish some job time before you will qualify for a mortgage. FHA only requires 3.5% down, but you'll need to have some savings beyond that as reserves. Once you start your job, talk to a mortgage loan officer at your new job to see if they offer any employee specials, what you may qualify for and how soon you'll qualify. That would be the best source of information for your specific situation.
0 votes Thank Flag Link Fri Aug 24, 2012
Hello, I am graduating in December 2012 from college and looking at starting with a 70-80k income job at Wells Fargo in January. My credit score is 710 presently. What pricing should I be looking at for houses to purchase? By Jan. I will have a 5% deposit to spend on about a $100,000 home before I start my higher paying job. Should I wait a few months into my new job or apply for a home now?
0 votes Thank Flag Link Fri Aug 24, 2012
Based on your previous question, I'd say you are qualified.
You can either go with conventional or FHA, but I would avoid people that tell you to do one or the other without a thorough investigation of your specific situation.

I strongly urge you to work with a licensed California loan officer who has experience with both conventional and FHA. To check licensing, you may click here: http://www.nmlsconsumeraccess.org/
Web Reference: http://TripointMortgage.net
0 votes Thank Flag Link Sun Mar 27, 2011
With a FICO 710 score you'd have a difficult time not qualifying for just about any mortgage unless you didn't meet other guidelines i.e. employment, time on job or some other looming skeleton in your closet. However, having said that if it's a Vantage score which seems to keep popping up more pervasively nowadays you would have a much lower credit rating. I would look into what that 710's connected to.
0 votes Thank Flag Link Sun Mar 27, 2011
Are you kidding? As a buyers agent your my dream come true.
Web Reference: http://mylagunawesthome.com
0 votes Thank Flag Link Sun Mar 27, 2011
The agents below are pretty spot on. There are loan programs available - FHA, VA, CalHfa, and USDA. As well as some grant programs. Your mortgage lender is going to be able to finalize whether you qualify or not and tell you about all of the available programs.

Keep in mind, loan underwriters are looking at these items:
Credit Score
Income to Debt Ratio

Good Luck and Happy House Hunting!
0 votes Thank Flag Link Sun Mar 27, 2011
Al,
The only way to get approved or declined is to apply. You meet some basic criteria, down payment and credit score, but you'll also need secure job(s) or income from a reportable source and some reserves (savings left over after making the down payment).
My suggestion is to find a local mortgage broker, apply and discuss the programs available to you.
0 votes Thank Flag Link Sat Mar 26, 2011
Hi Al,
It's great that you have a good credit score. That is one of the many factors that will be considered when purchasing a home. The other factors will be your overall debt load and employment. One the surface you surely are a good candidate for a mortgage loan. You can qualify for a 3.5% down FHA loan, a 3% down Homepath, and also a 5% down conventional loan. They all have benefits but you'd need to speak with a mortgage professional and decide which would be best for you and your homebuying goals. Congratulations on your good credit scores and good luck in your home search. If there is any additional assistance I can provide to you feel free to call.
Regards,

Otis Clay
Web Reference: http://www.nojamortgage.com
0 votes Thank Flag Link Sat Mar 26, 2011
There are many factors to consider.
- Type of Financing you're considering, Conventional, VA, FHA.
- Your Income to Debt Ratio (DTI)
- Condition and appraised value of the property
I'm sure your Mortgage Rep and Realtor would be able to help confirm your qualifications.

Good luck with your transaction!
0 votes Thank Flag Link Sat Mar 26, 2011
Character, Capacity and Collateral are the 3 basics of mortgage loan financing. You state you have at least two. Good character based on a 710 credit score. Collateral is the home you will purchase and the 5% equity that you put as a down payment. Capacity is your ability to make payments, other house expenses, other bills and all your other living costs from your current verifiable income. There are lots of loan officers on this site, would lover to run your numbers, and lots of agents who would like to show you houses when you are given that prequalification.
0 votes Thank Flag Link Sat Mar 26, 2011
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Hi Al,


Your employment and other debts will have to be the other factors. Also you can get an FHA for 3.5%.


Jacob
NMLS 327086
Web Reference: http://swanloans.com
0 votes Thank Flag Link Sat Mar 26, 2011
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