Financing in Nashville>Question Details

brittany, Other/Just Looking in 37203

I have a credit score of 607 and working on that. In April it will be a year for my employment. Would I be approved for a home loan then?

Asked by brittany, 37203 Tue Oct 22, 2013

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You should be approved for the purchase of a new home. If you are working with a agent who has lenders who will get you prequalified.
0 votes Thank Flag Link Sat Nov 9, 2013
You might check with Jerry Vinette, he is doing a loan for one of my buyers with lower credit scores. I think he can work with as low as 580 .. http://www.mortgageprotn.com/home.html
0 votes Thank Flag Link Tue Oct 29, 2013
Brittany,

Actually, I can place you with a lender that can get your score to 620 in a short time, (like a couple wks) then you can move forward to make a home purchase.

Call me for details

Debi Griggs
Century 21 Premier
615-859-9500
615-708-6985
0 votes Thank Flag Link Wed Oct 23, 2013
Hi Brittany,

There are several variables besides your employment and credit score that determine your ability to qualify for financing, such as your amount of income, the amount of loan you're requesting, your debts, etc.

I encourage you to speak directly with a local lender who can answer your question best. I recommend Derrick Cozart at Franklin Synergy Bank (cell/text: 615.477.7259)

Feel free to call me after you talk with Derrick as I'm happy to assist!

-jack
0 votes Thank Flag Link Tue Oct 22, 2013
Hi Brittany,

The only way to know for sure is to speak with a mortgage professional.

Please feel free to call or email me if you would like to discuss your options.

Warm regards,

Elva A. Wormley
Mortgage Consultant
(408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / DRE #01274093
0 votes Thank Flag Link Tue Oct 22, 2013
Brittany,
It is great that you are looking and thinking about all those things now before you are ready to buy. 607 is still a little low. There are lenders that will approve you, but if you give me a call, I can hook you up with a lender who can help you get your credit up to a higher score in a few months time. A higher score means a lower interest rate which translates into a lower per monthly payment for you. There are several approaches you can take to increasing your credit score. Letting a professional review your report and plan a course of action for improvement is to your benefit. In August I had a client that closed on a home with a credit score over 640, but when I started working with him his credit was below 580. I am confident I can help you too. I would love to help you. Maria Holland, Re/max Elite.
0 votes Thank Flag Link Tue Oct 22, 2013
The FHA standards are less than 620 BUT - Most banks require at least a 620.
Keep working on your credit with your lender. Should you need help feel free to contact me via my trulia profile.
0 votes Thank Flag Link Tue Oct 22, 2013
You might check with a non-profit that helps first time homebuyers purchase without using a credit score. You do have to take a class on budgeting, etc. Proof of income, job, etc.
http://www.naca.com
0 votes Thank Flag Link Tue Oct 22, 2013
Brittany --
First of all, congrats on working to improve your credit score and on being employed for a full year. You should consult a mortgage lender for exact details, but I'm afraid you will probably need to increase that score even more and get another year of experience before you become a homeowner. Most lenders for FHA loans require a score of 620 and at least two years of reliable income. Lenders will figure out an important ratio that's called your debt-to-income ratio. What are your monthly expenses (including car payments, student loans, etc)? What is your monthly income? Your mortgage expenses (alone) should not be more than 31% of your income, and your total monthly expenses shouldn't be more than 43%. One of the best steps you might take at this stage of the game is to visit the FHA website: http://www.FHA.com. You'll find lots of valuable information there.
Best of luck, Brittany, and I would be more than happy to help you find the right home when you're ready.
0 votes Thank Flag Link Tue Oct 22, 2013
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