Have a great day;
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
When shopping price, Tell us lenders the down payment, term and loan amount along with your MID credit score. Loan amount can really change the price more than most people know, often times more so than credit score.
Every lender I know of, drops the higher score and the lower score to only use the mid score. Be sure you shop with that midscore.
Something else you need to be aware of if your score is 627, Many national lenders stop taking loans under 660. As scores decrease, guidelines come out of the woodwork making it too hard or detailed for large lenders to manage the origination process.
A good relationship with a smart loan officer that takes the time to read the ever changing guidelines is a big must.
A seasoned smaller INDEPENDENT local shop with the horse power to lend directly is another must. Independent lenders can easily do whats called "borrower paid" a great tool for shopping the secondary on your behalf should your credit report have certain challenges found on scores under 700.
txave.com and rightwaylending.com NMLS 229360 and NMLS 229347
I can recommend several excellent lenders who can tailor a loan to your situation. With your approval, I can have them get in touch you, or provide you with their contact information. Once we have your pre-approval place, we can begin to search for a home. You're doing it right ... get your financing done first.
I assume that you realize that there's more to obtaining a loan than your FICO score. You'd likely qualify for FHA-insured financing if your debt ratio is within the established parameters, but you're going to need anywhere from 6% to 8% of the sales price in cash, to cover the down payment, closing costs and pre-paid items (insurance, HOA fees, etc.).
If I can help in any manner, please let me know. I look forward to hearing from you.
I have some lenders that would work great for you. Please contact me anytime if you have any questions.