Home Buying in Longmeadow>Question Details

VERONICABREB…, Home Buyer in Longmeadow, MA

CAN I QUALIFY FOR A MORTGAGE WITH A MIDDLE SCORE OF 620 AND DOWN PAYMENT OF $10000?

Asked by VERONICABREBAN, Longmeadow, MA Mon Oct 15, 2012

THE COMBINED HOUSEHOLD INCOME FOR MYSELF AND MY HUSBAND IS $60,OOO AND MY 4 YEAR OLD SON RECIEVES DISABILITY CHECK OF $800 MONTHLY

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Answers

10
There is more that is needed to know to be able to answer. You need to contact a lender or loan officer and ask them. They will be able to figure it out, based on what you told us we can't.
1 vote Thank Flag Link Mon Oct 15, 2012
A mortgage of some amount.
It depends on whether the amount will meet your buying needs.

A local lending professional will answer that very quickly.
There are questions to be answered for a correct response to your request.


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0 votes Thank Flag Link Sat Oct 27, 2012
Veronica,

Good luck and keep us posted on the outcome.

louis
0 votes Thank Flag Link Tue Oct 16, 2012
Thank You all for you replies. I will definetly contact a lender to find out. One good news is that my husband got a raise! He is now at $36,600 and I am at $32,000., so hopefully that helps. My husband has been with his employer for over three years and I just started as a medical assistant,(I just graduated). We have never filed for bankruptcy, our issues are a few creditors. And its really not that much, just around $900 for him, and $1000 for me. I really wish that our parents educated us on how important ones credit is. Then we wouldnt be in this mess know. But hey we have to start somewhere right? Again, thank you all for your responses
0 votes Thank Flag Link Tue Oct 16, 2012
Probably but the amount may not be a lot.
My parents live in Longmeadow.
You can apply online for a quick answer to bank of america right at the link provided.

http://www.realliving.com/Christine-Moran-Real-Estate-Agent/…
0 votes Thank Flag Link Tue Oct 16, 2012
The short answer is probably.

There are other factors to consider. The best thing to do is consult a mortgage banker. He will lay out exactly what is needed, what programs that would be available and what you could possible afford.
0 votes Thank Flag Link Tue Oct 16, 2012
Hi Veronica,
based on the little info you provided the short answer would be yes. You should start by talking to a couple of mortgage brokers or lenders to see what you can pre-qualify for. Also, check with credit unions as they can be at times a bit more flexible. Once you find out what your buying power is get a buyers agent (unless you already have one) to help you throughout the journey and transaction and it is at no cost to you. If we can help let us know (info@wenrealty.com). Good luck
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Mon Oct 15, 2012
The simple answer is yes, based on your incomes, disabilty and down payment.

Now much will depend on your debt to income ratio, the purchase price of the home, the mortgage amount you are looking for, how long you've been employed and your past credit history.


If you or your husband belong to a credit union, it would be a good place to start your mortgage search.
0 votes Thank Flag Link Mon Oct 15, 2012
Dear Veronica,

I would say cautiously YES! I would be quite happy to connect you to a reputable local lender who can provide you with a much more definitive answer! There is no cost or obligation to speak with a qualified loan officer and it's often much less painless than you might imagine! There are many factors involved in qualifying for a home loan and a licensed mortgage professional is the best qualified person to be able to give you the best answer!

Feel free to email me directly and privately if you'd like to be put in touch with a well qualified and personable local lender.

Kindest regards,

Julianne Krutka
Western MA and Northern CT REALTOR®
Park Square Realty
44 Elm Street
Westfield, MA 01085
Cell: 413-297-6718
Office: 413-568-9226
Voice/Fax: 413-485-7379
Email: Julie@413House.com

A referral is the nicest compliment you can give :)
0 votes Thank Flag Link Mon Oct 15, 2012
Hi Veronica,


I would suggest that you contact me so i can refer you to a couple of lenders, they will be able to tell you what kind of products that are out there to best suit your needs. Your first step is to contact an Agent remember it cost you nothing and you gain every thing such as personal customer service, homes that come on the market that day, someone to take you to view the homes and much more.
I would love to help you in your search and i look forward to speaking to you.

Warm Regards

Dianne Lemay
413-636-9048
0 votes Thank Flag Link Mon Oct 15, 2012
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