The more information you can provide the better so be prepared to answer questions such as:
How long have you been on your job.
How much do you have to spend (in total, not just the down payment) and where is the money coming from (savings, gift etc...).
How are each of you paid - salary, hourly, commission.
Minimum payments on credit cards, auto/student loans etc... that showed up on your credit report
If the scores you have came from a report you pulled online, those numbers may not be the right ones on which we will base your loan terms. There are a few different scoring models out there and you will need a report geared toward mortgage to ensure your quotes are correct.
Final comment I have is be sure the three of you sit down together, work out your budget and goals and then stick to them!
Good luck and call if you need more information or a quote!
Congratulations on your decision to purchase a new home....it is truly a great time to buy.
Most Lenders require a 640 minimum credit score for an FHA loan with minimum down payment, so the 615 score could be an issue. Do you know if that is the middle credit score or just the score from one Credit Bureau? Lenders pull a tri-merge credit report from all three credit bureaus: Experion, TransUnion, and Equifax. We then use the middle score of the three scores received. The lowest middle score among the three borrowers is the score for the loan, so it is important to determine if that is the middle score.
You do need to begin the loan process so that your Loan Officer can review your credit reports to analyze the factors that caused the low score and make sure that there are no credit issues that would prevent you from qualifying for financing (i.e., recent bankruptcy, unpaid judgments, or IRS Liens). Some debts might need to be paid or perhaps there is an error on the credit report.
Your Loan Officer will be skilled at analyzing your credit reports so that a strategy can be implemented to put you in position to qualify for a home loan. I'd be happy to help you get started.
Edie Clark, Senior Loan Officer
Ward Lending Group, LLC
Once you are pre-approved for a home loan it will make it much easier for you to begin the home hunting process! You may reach me at 503-421-3824 or via email at email@example.com
The first thing i would do is pull your free credit report from the 3 agencys and check it for bad information.
If you find any start the letter writing process to have it removed which can bring your score up by many points.
do not go to any kind of lender until you get this done, it should take about 30 to 60 days to get this done.
The credit agencys will most likley raise your credit score while this process is going on and that is when you ask a lender for a loan.Two things happen the person who put the bad claim on you has 30 days to confirm, if they do not your new credit score will stay if they reconfirm your score will drop back to what it was so try to get the new loan while you have the higher score. food for thought you may have to drop the person with the lower score off the loan. The other way is to have the property owner be the bank and carry the loan.
Contact me if you would like more information about neighborhoods, general questions, or to view some homes when you're ready!
Keller Williams Realty Professionals
Your first step should be talking to a lender. They can get you started on the pre-approval process which will let you know what price range you can afford. FHA loans (which only require 3.5% down and are very popular with first time home buyers) only require a 580 or better credit score. There are many programs and options for first-time home buyers, including 100% loans. That's why it's important to talk to a lender (or several) to get an idea of what would be the best plan for you.
If you need some suggestions of lenders to contact, I would be happy to talk to you about the ones that I have worked with and can recommend. Once you have your pre-approval, you will be ready to start looking for homes. And that's where I come in. I would love to help you, so give me a call if you have any questions. In the meantime, check out the property tracker feature on the John L. Scott website. It is super user-friendly and we have the #1 realtor website in the Pacific Northwest.
Good luck and happy home hunting!
Let me know if you would like to be set up with the Looking Glass home searching map. It's one of the best interactive Real Estate neighborhood maps around and built in-house.
You can learn more about many of your favorite Portland neighborhoods at:
Contact me anytime for questions or viewings.