Financing in Nashville>Question Details

Visda58, Home Buyer in Nashville, TN

Small mortgage with fair credit?

Asked by Visda58, Nashville, TN Thu Feb 14, 2013

I have a credit score of about 671, although I don't have much credit history. What I do have is small and not very good (delinquent cable bills and the like). I paid off all my debt just over a year ago, including a $9,000 school loan, and have been monitoring my score for about 6 months. I got a secured credit card to help build credit, I pay off the balance every month (usually around 10 bucks on a $501 credit line) and watched my credit jump about 70 points in 6 months, from 600 or below. My credit score hasn't moved from 671 (experian) for about 3 months. My last credit inquiry was about 6 months ago when I was turned down a few times for credit cards (hence the small, secured credit line). I'm 28, single and I'm looking at a house listed at $66,000 and I have nearly 20% down, or will very shortly.

What are my chances at getting a mortgage that small, or a mortgage at all?

Help the community by answering this question:

Answers

4
Visda58,
Getting a mortgage depends on more then a credit score. speak with a mortgage originator to see if you qualify.
0 votes Thank Flag Link Thu Feb 14, 2013
Visda58,
I would say that you would have a very good chance of getting a mortgage. I would need to take a full application to be certain and to make sure that your scores are accurate. A lot of the online scores tend to be higher that what we actually pull as a Lender. I will provide you with a copy of the full report.
Please feel free to reach out to me and I will be more than happy to complete a full approval for you or you could come into my office in Nashville.
Thanks,
Rory Lithgow
Branch Manager
Home Lending Source
615-627-4868 Office
rlithgow@thehls.com
0 votes Thank Flag Link Thu Feb 14, 2013
I would be happy to help you. We can do a FHA mortgage with only 3.5% down. Our minimum loan amount is $50,000.

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Thu Feb 14, 2013
Good for you paying off all your debt...that is a HUGE accomplishment! A credit score of 671 is high enough to secure a mortgage. With that being said, there are other factors that affect your ability to get a mortgage....length of time on job, income, etc. The time has come for you to contact a lender and get pre-approved. Feel free to contact me and I will give you the names of several great lenders in our area who can help you with this next step in your journey to home ownership. Just give me a call at 615.582.4783 or email me at terry@terrybooth.com.

Visit my website at http://www.SoldOnNashville.com
0 votes Thank Flag Link Thu Feb 14, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer