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
Century 21 Premier
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!
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.
Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / DRE #01274093
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.
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.