Financing in Olive Branch>Question Details

Autumngcp, Home Buyer in Olive Branch, MS

I want to buy a house in OB but my credit score is only 600.

Asked by Autumngcp, Olive Branch, MS Mon Jul 11, 2011

My husbands is 644 but he will have to find a new job when we move. We have some savings and our debt to income ratio is below 25%. We don't have any liens, bankruptcy etc. Is there anyone who can help us qualify for a loan? We are moving from ATL in September!

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8
Hello Autumn, you need to get with a lender to get pre-qualified. I can refer some lenders to you if you would like. Just give me a call 901-283-6652. Once your qualified you can start your home search. I would be more than happy to help you in finding a home just give me a call 901-283-6652.

Thanks
Barbara Stacks
0 votes Thank Flag Link Mon Jul 11, 2011
I am a Realtor that specializes in Olive Branch. I would love to talk with you about your options. I have a lender that can and has approved people with a score as low as 600, so that should not be a problem. Please call me to discuss.
Thanks,
Debra Dye
Keller Williams Realty
901-239-6041
debra@DyeNamicHomes.com
http://www.DyeNamicHomes.com
0 votes Thank Flag Link Mon Jul 11, 2011
A 644 score is fine for most types of financing, so as long as you haven't had any late payments or delinquent accounts in the past 12 months, or bankruptcies or foreclosures within 2-3 years, then your husband's credit should be OK.

If your husband can qualify on his own income, then you would not be required to go on the loan application in order to get the mortgage, and your credit wouldn't play a part in qualifying. However if your income is needed, then your credit would have to qualify just as his would. 600 scores can still qualify, however you won't have as many lenders as options.

As far as moving to Olive Branch and buying a home, if it'll be your primary residence, your husband and/or you will need to have employment in the Olive Branch area prior to closing on the loan. So when you said "he will have to find a new job when we move", he really needs to have that figured out ahead of the move, or when you move you'll be renting, as mortgage underwriters will require employment where you will be living. If he's being transferred within his current company that is usually easiest, but if he's starting new employment up he'll need to have an employment contract OR be on the new job & receive a paystub.

If you purchase south of Goodman Rd in Olive Branch you can be eligible for USDA financing, is 100% financing up to the appraised value of the home, to include the purchase price & closing costs, in "rural" areas. The closing costs would include the initial homeowners insurance premium & the initial months for the escrow account which includes the funds towards the upcoming property taxes & homeowners insurance... basically anything reasonable that is due from you at closing can be included in the loan amount, up to the appraised value. It's not a loan you can get cash back with (other than any funds you've actually put in, like earnest money, paying for the appraisal, etc.). USDA has 2 requirements - you must buy in an eligible area as well as your household income can't be too much. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do is where you can check for eligible areas as well as the income limits.

Otherwise FHA will be one of the better financing options, just a 3.5% down payment is required on most homes, and there is no geographic limits that you must purchase within, nor income limits you must be within.
0 votes Thank Flag Link Mon Jul 11, 2011
Also, if for any reason you guys decide to stay in ATL, my company is licensed there as well:-)
0 votes Thank Flag Link Mon Jul 11, 2011
Autumngcp,
I am excited for you about your upcoming move. There are very many variables to your situation. I agree with Doug, it would be best to talk to a mortgage professional. If you want some information on local lenders contact Doug or contact myself I can connect you with a professional mortgage consultant. If you would like a sneek peek at what we have available in this area email me at callcarriewhenitcounts@gmail.com. I look forward to hearing from you!

Carrie Crowell
Keller Williams Realty,
Southaven, MS 39672
662-892-4000 office
901-832-7704 cell
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Mon Jul 11, 2011
Hi!

You are referencing multiple topics: moving from out of state, your credit score of 600, your husband's of 644, plus more- so there would be too much to write here and too many questions/variables.

I think the best way to begin would be to talk to a local loan officer and get the variables worked out. Since you're moving into my area (Desoto County), I would be more than happy to talk with you about everything.

If you interested, then either give me a call at (662) 429-5100 ext 105 or you can email me at dougc@fairwaymc.com.

Thank you,

Doug Capps
Fairway Mortgage
NMLS ID #68160
0 votes Thank Flag Link Mon Jul 11, 2011
Also, I handle Olive Branch and Memphis...
0 votes Thank Flag Link Mon Jul 11, 2011
Please call me on my cell 901-503-1129 and we will get this wok out for you today:-)
-Mitanni Spruill
0 votes Thank Flag Link Mon Jul 11, 2011
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