Income - good history, verifiable income, and stability/likelihood to continue
Credit - score, amount of debts, and history of payments
Assets - money for down payment, closing costs, and reserves
It sounds like credit is the biggest obstacle at this point. Your score is a little low, but it is good enough to meet the requirements for FHA financing. While many lenders require a 640 credit score, my company can go as low as 600.
What is going to be more important than the credit score itself, in your case, is going the be the reason for your scores being lower. If your scores are just low because you had some issues in the past but have been working on them the last 1-2 years, then you should be fine. A big red flag though are liens and judgments. These would need to be paid off first.
So as you can see, it's tough to give an answer one way or another without having the full financial picture. If you give me a call or email me with some more details I can review your options with you and let you know if you can be approved now or if some additional work is necessary. Either way, I can point you in the right direction. Feel free to contact me.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll free: 855-642-4762 ext 278
Contacts who can be helpful . You can choose whom you like best!
Any Real Estate Help you need on from there I can you help you with!
I agree you sound like a great candidate!
Bob Brubaker Highlight Realty Palm Beach County Fl 561-976-6649
Joshua Lerette - Sales Manager
Carrington Mortgage Services, Inc.