Financing in Clovis>Question Details

Robert Herre…, Renter in 45459

With a average credit score can a person still qualify for a home in the price range of $130,000? or is this to much to hope for?

Asked by Robert Herrera, 45459 Sun Aug 5, 2012

Is there groups or people to help in this matter?

0 votes Share Flag Financing in Clovis

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I have been trying for years to get financing and NO LENDER will even look at you if your score is below 620
0 votes Thank Flag Link Tue Oct 23, 2012
What has been the reason they have been denying you?
Please email me for a private conversation.
Flag Tue Oct 23, 2012
Yes, trust you have at least a FICO of 620.

Good luck.

0 votes Thank Flag Link Fri Oct 19, 2012
Good morning Robert,

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Most Lenders require a minimum credit score of 640 in the current market, although some Lenders will go below this down to 620 scores. Your Local Mortgage Banker is the best person to provide you with a clear, concise answer to your question.

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Aug 6, 2012
Hi Robert:

There's certainly a right way and a wrong way to go about buying a home - thankfully, you are asking the right questions. Truth is, only you can supply the information to obtain the answers to what you are asking.

You see, when it comes to "financial vetting" there are different levels of quality. For example, there are key differences between a "Pre-Qualification", "Pre-Approval" and what I call a "True Pre-Approval", which you should seek, as described here:

In regards to where I would suggest you obtain your "True Pre-Approval": While there are occasional exceptions in service level; I would recommend avoiding the Retail banks (Wells, BofA, Chase, etc.) for your True Pre-Approval. Here's why: "Retail Banks vs. Mortgage Broker/Bankers"

0 votes Thank Flag Link Sun Aug 5, 2012
Hi, Robert. Anytime you have questions about qualifying for home loan, go straight to a reputable lender. They're the ones who can look at YOUR particular situation and tell you whether you qualify for a loan. FYI, if you do qualify for a home loan, then I would check with 2-3 other lenders to compare rates and costs. They can vary quite a bit.

Hope that helps.

0 votes Thank Flag Link Sun Aug 5, 2012
What do you consider an "average" credit score? FHA has programs for lower scores. Many will tell you that you need a 620 or 640 to get FHA financing, but that's simply untrue. FHA allows down to a 500 score and while it's true you probably won't find anyone doing FHA loans with scores that low, in California I can do an FHA mortgage with a score as low as 560 with 10% down and 580 and up with 3.5% down. Obviously there are other qualifying criteria than just credit score but if you fall in the range I stated, there is hope. Contact me for more information.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Sun Aug 5, 2012
You need to talk to a Lender. Contact me and I'll put you in touch with a lending professional that can help you...or at least help you understand your situation and what you need to do in order to buy your home.

Jo Souza, Realtor
London Properties
(559) 288-6164
0 votes Thank Flag Link Sun Aug 5, 2012
Actually you can qualify it just depends on your employment history, and cash your down payment.
If you would like you can call this number (559) 917-4180 and ask for John. This is a gentlemen that I trust when it comes to helping my clients get prequal before looking for a home.

If you n\have any real estate needs or questions you can call me any time

My name is Michael and I work for RE/MAX here in Fresno/Clovis Area.
(559) 472-5120 is my number. Call me anytime.

Have a good day

0 votes Thank Flag Link Sun Aug 5, 2012
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