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
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.
Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:
â€¢Determine the price range you can afford.
â€¢Understand the types of loans you qualify for.
â€¢Determine what your monthly payment will be.
â€¢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.
Prudential California Realty
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.