Financing in Oklahoma City>Question Details

Amber, Home Buyer in Oklahoma City, OK

With a credit score of 600 about how much would you qualify for?

Asked by Amber, Oklahoma City, OK Sun Sep 27, 2009

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Hi, Amber

That's a broad stroke question. First you'll need to get your credit score to 640 or better. I say this because it'll save you thousands in closing cost in the end. Next you need to speak to an reputable and experienced lender, local or licensed to originate loans in your state, to determine whats need to be done to increase you score and what your current income will allow you to afford.

This is key: Find a good realtor who can refer you to preferably a good mortgage broker or mortgage bank that does nothing but home loans. Reason why is these two institutions have LOs that are not only licensed, but usually more experienced about loan orignation and credit repair, and are willing to take the time to work with you. Hope this helps.
0 votes Thank Flag Link Wed Jan 20, 2010
As previously stated their are other factors. Your FICO's need to be a bit higher or you will have to go to a special lender and pay higher interest rate and that is only should they accept you. Why don't you go to a reputable lender and ask is there anything you can do to get your FICO's a little higher. Lenders know some easy ways to get a bump up on the FICO scores. They can also be more specific on what you can afford and what you need to do, if that does not meet your desires. That will arm you with the knowledge of exactly where you stand.

Kindest Regards,
Dianne Hicks
Web Reference:
0 votes Thank Flag Link Wed Jan 20, 2010
Your credit score is only one part of getting you qualified for a payment. We need your gross monthly income verified by 30 days of paystubs. If you're self employed we will need your last two years tax returns to get an aggregate of your net profit/loss from your business. Once we have those documents then we can determine how much monthly payment you can qualify for. Hope this helps and let me know if I can be of further assistance.
0 votes Thank Flag Link Wed Jan 20, 2010
It is based on your income, how much can you afford to borrow, and how much do you have for a down payment? A payment of more than 25% of your income would prove to be a burden on your income leaving you with little to live on. Then there are taxes and insurance payments, if you have excellent payment history often times you are entitled to borrow more money, with a credit score of 750 and a poor payment history is at a higher risk to a lender. So the question of how much you can borrow is based on several factors. Some lenders are more stricter than others. Does this help you in any way?
Bill Sharp
Web Reference: http://www.billysharp.,net
0 votes Thank Flag Link Sun Sep 27, 2009
There are many other factors, in addition to credit score, that contribute to your credit-worthiness, especially in today's climate. And, as Ed mentioned, getting pre-qualified is critical to putting yourself in a position of strength to be able to negotiate the best deal. I'm providing a link here that will put you in touch with several reputable lenders I use on a regular basis. Good luck!
0 votes Thank Flag Link Sun Sep 27, 2009
You should check with your lender of choice and they would be able to advise you. In todays market, it is good to have your pre-qualification letter in place so when you are shopping you will know how much house you can afford, and qualify for. Blindly shopping without this information could wind up costing you valuable time. With a pre-qualified letter from your lender, you will be able to make a firm offer when you find your home and not chance loosing it to someone else beating you to it! You can use many online Mortgage calculators on line to help you with some of these general questions. Check the one on my website if you like. I am here to help, so let me know what else I can help you with.
Web Reference:
0 votes Thank Flag Link Sun Sep 27, 2009
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