Financing in Brooklyn>Question Details

T-bone, Home Buyer in Lancaster County, SC

with a 650 credit score can i get a mortgage

Asked by T-bone, Lancaster County, SC Sun Sep 18, 2011

Help the community by answering this question:

Answers

7
T-bone,
Your FICO is just part of whether or not you can get a mortgage. There are 3 parts to qualify for a mortgage:
Ability to pay-your income
Willingness to pay-your credit which FICO swcore is just part of
Collateral-the property
Speak with a mortgage officer to see what you qualify for in a mortgage. If you are buying in Brooklyn, NY (my home town), then speak to a mortgage officer that is familiar with NY. The closing costs and purchase procedure is different in NY then the rest of the country.
0 votes Thank Flag Link Sun Sep 18, 2011
Hello,

Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:

•Determine the price range you can afford.

•Understand the types of loans you qualify for.

•Determine what your monthly payment will be.

•Estimate the down payment and closing costs.


The Loan Process:

Your Sales Associate will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.

You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
DRE 985176
0 votes Thank Flag Link Sun Sep 18, 2011
If we go by credit alone YES YOU CAN ! There are other variables and you should talk to a mortgage pro! Check out my blog below for more on home mortgages!
0 votes Thank Flag Link Sun Sep 18, 2011
What is on your credit report is equally as important as the score itself - someone could have a 740 score but have a home foreclosed on 9 months ago... and someone with a 650 score could have clean credit for 3 years... the person with the 650 score would be a better qualifying candidate for a mortgage than the person with a 740 score.

So, the big question is, what is on your credit that is bringing your scores down? That will determine if your credit is in good enough shape to qualify for a mortgage or not.
0 votes Thank Flag Link Sun Sep 18, 2011
Sit down with your local Bank or a Mortgage Broker to see your best options. If you are serious about purchasing a home pay attention to your credit/payments for the next 3-6 months(be on time, pay down debt and make no major purchases). Best of Luck!
0 votes Thank Flag Link Sun Sep 18, 2011
Yes, you should have no problems.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Sep 18, 2011
Based on more than just a credit score... Savings, income? Talk to a mortgage specialist. Try Larry Aboudi laboudi@gficap.com 7183395700 x-103

Regards,

Jack Menashe
917.797.0215
http://www.SHERestates.com
0 votes Thank Flag Link Sun Sep 18, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer