Job history and debt ratio would also be evaluated along with assets and source of down payment.
620 is definitely something we can work with and/or guide you on what needs to be done to make you credit worthy.
Please reach out for me if I can be of assistance.
It's best that we speak so I can gain a clearer snapshot of your entire scenario and advise you with accurate information to ensure all aspects of your home purchase go smoothly from start to finish. Please contact me at your earliest convenience so we may begin weighing-out all feasible options and create a plan of action to make your home purchase a reality. I may be reached directly at (201) 957-6768 or via email; whichever is easiest for you.
Paul F. Marzolla
Sr. Mortgage Consultant
Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!
Brian Nguyen Sr.
NMLS # 659743
An underwriter, after looking at your ENTIRE report, will determine if they are confident enough that you will make your payments or not.
My suggestion is that you pick a mortgage broker/lender IN New Jersey if possible. I have seen way to many issues with out of state lenders that delay the closings past the contract date.
I know some out of state lenders rates, even with your credit score, may seem too good to pass up, but having someone local is worth it's weight in interest rate decimal points.
Your interest rate you shall receive is adversely affected with a lower credit score, therefore it's advantageous to have good credit when applying for a mortgage. It also depends why you credit is where it's at? Truth of the matter is that a 620 will qualify for a Fannie Mae or Freddie Mac, and it's good you have a large down payment to comp for your score that will definitely help the process.
Feel free to contact my finance guy Carlos Rosario at Weichert 201-906-9707, tell him your working with Jeff Lee or call me directly at (201) 218-3254. I'd be happy to help, speak with you soon.