Other factors that will contribute to how much you are pre-approved for surround your income. But make sure that you do not do anything with your credit unless you get the help of an expert you are very close to the pre-approval line.
Feel free to call me if you need help.
Chris Hutchinson Real Estate
The Michael Group
The answer to your question may depend on when you need to move. If you have to move this month, we will need to find you a rental while we work on your credit score. But in due time, we can bring your score up to a level acceptable to mortgage lenders.
CAUTION: Do not let anyone run your credit report! Not even a loan officer, as some people might suggest. This will cause an inquiry and will lower your score for 6 months. Don't try to buy a car while you are looking for a home loan. Car dealers will run your credit report, even without your permission, and then when you don't buy a car from them, your score will go down.
What you need is a good experienced Realtor who is working with an experienced loan officer. Then if you do what the two of them suggest, your score will come up and you will be able to buy a house. Since I am a Certified Credit Repair Instructor, I can help you. I have been selling homes around this area for over 32 years. I know several good loan officers who will assist you in getting your credit report cleaned up, and then we can get it approved by an underwriter. (That is the person who approves your loan.)
You will also need some cash saved up. Have you got the down payment? Plan on needing around 3.5% to 5% of the sales price. I may be able to get the seller or the lender to assist you with the closing costs.
No money is needed out of your pocket. My commission is paid by the seller, or the seller's Broker. So contact me right away so we can get to work on your credit report.
We can also help you get lower rates on your electric bill. (Rates are going down tomorrow!)
---ULTRA Real Estate Services
IGNITE ..we light up the world...