Financing in 19067>Question Details

blessing8486, Home Buyer in Broomall, PA

my score is 620. FTHB. I have $15000 saved. looking at $185000 house. lot of inquiries on my credit. Can i be qualified for a home loan.?

Asked by blessing8486, Broomall, PA Mon Mar 25, 2013

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Peggy White’s answer
Congratulations on setting sites for a home purchase. I recently helped clients with a similar financial profile and although we had challenges along the way, they are now proud owners!

It is my understanding that credit inquiries from just mortgage companies will be "understood" by the scoring companies and not taken as a negative against you. If however you are also looking at cars, furniture and other financing opportunities... Then that's another story. Be thoughtful about your financial decisions and choose one mortgage company to work with.

Good luck!
1 vote Thank Flag Link Tue Mar 26, 2013
Did you ever purchase a home? Anything 580 FICO score or greater is possible and I have a lender who would love to speak with you provide you with some feasible options. My lender may have a couple weeks of cleaning up to do for you, however as long as your expectations are realistic we can help you purchase a house. If you need anything, don't hesitate to reach out to me.

Best of luck!

Mike Bottaro
Realtor
HomeStarr Realty
Office: 215-355-5565
Cell: 267-307-2444
Fax: 267-282-5666
Email: mbottaro@homestarrinc.com
"Before You Schedule to Show, Call Bo"
PA Licensed Realtor # RS306824
0 votes Thank Flag Link Thu Oct 24, 2013
Yes. 620 is the lowest score for a conventional mortgage so you should be fine.

Even if it was lower, you would qualify for a FHA (lowest FICO is 580).
0 votes Thank Flag Link Mon Sep 30, 2013
The first step to find out if you are qualified to purchase a home is to speak to a mortgage professional. There are no fees associated with the preliminary process.There are many details to understand in the current mortgage process.
Your credit score is a major factor along with your income and any current debt.
I know excellent mortgage representatives who can help you get started.
I can provide their contact information if you are interested.
0 votes Thank Flag Link Tue Mar 26, 2013
Hello Blessing8486,

The inquiries on your credit are not really a problem. The credit score is OK and the down payment money is OK. The question is what is your income and what debts do you currently have?
Give me a call and I will be happy to get you pre-qualified.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Tue Mar 26, 2013
The best recommendation that I can make is to speak with a mortgage loan officer. They will give you the best advice and hopefully you will qualify.

Good luck!
0 votes Thank Flag Link Tue Mar 26, 2013
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