Home Buying in Shreveport>Question Details

Shills80, Home Buyer in Nashville, TN

Can I get a home loan with 640-680 credit score and $175,000 in student loans that are in deferment?

Asked by Shills80, Nashville, TN Sun Dec 15, 2013

I have been an RN for almost 20 years. My current yearly income is $115,000 per year but I have only been with my current employer since July 2013. I am a PhD student with deferred student loans until Nov 2015. I want to go FHA. Can I get a mortgage in Louisiana?

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Yes you can go FHA in Louisiana with your scores, I know FHA can go down to a 580 score not always easy finding lenders that will but a good place to check is The Lenders Network they do work with lenders that offer loans with low credit scores! Hope this helps!
2 votes Thank Flag Link Sun Dec 15, 2013
It shouldn't be a problem as student loans in deferment don't count against your debt-to-income ratio unless they are less than 12 months from the end date of the deferment. It appears as though you should be good to go on that level though as the end of your deferment is in 2015. Secondly, even though there are lenders that do 580 credit scores as alluded to in some of the previous answers, that is not the norm & it's not easy to get approved with a score that low. Generally speaking, 620 & above will qualify you for an FHA loan. There are also other factors that lenders consider such as amount of time at current job as well as your current debt-to-income ratio. I'd be happy to speak with you more in-depth about your unique situation so feel free to call me at your convenience :)

318-773-0063
Web Reference: http://www.teamlytle.com
1 vote Thank Flag Link Mon Dec 16, 2013
Hi shills

yes , you can apply fha loan .

good luck


omar khamisa
1 vote Thank Flag Link Sun Dec 15, 2013
As a Realtor, I do not do pre qualifications but I work with several lenders. I can refer you to one of those who will look at your credit profile and tell you if you can get a home loan. If you would like me to refer you to one of those, please call me. I would welcome the opportunity to work with you.

Sincerely,

Cathy Burrell
Realty Executives, SB
(318) 286-6376
1 vote Thank Flag Link Sun Dec 15, 2013
Yes! My number is 319-934-2644. Call me to discuss.

Wayne West
The W Group
Keller Williams Realty NWLA
Shreveport, La
http://www.ShreveportLuxuryHomes.com
Licensed by the LREC
Each office is independently owned and operated.
1 vote Thank Flag Link Sun Dec 15, 2013
Thank you. I will give you a call.
Flag Sun Dec 15, 2013
Being an RN, you world qualify for Homes for Heroes. This program assists healthcare professionals in buying and selling real estate by offering discounts on their mortgage costs, inspections, title work and more. I'm one of the local affiliates. We have a great local lender in the program. I would recommend you give him a call. Shannon Griffin at Caliber Home Loans. 318-470-1682.
Web Reference: http://Www.nwlaHeroes.com
1 vote Thank Flag Link Sun Dec 15, 2013
Short answer: yes.

Lenders have decided to lend again, and in doing so they are being more reasonable in their decision process.

Review your lenders (using Trulia or another site).

Best go luck,

David Rudd
Kindred Real Estate
http://www.kindredre.com
1 vote Thank Flag Link Sun Dec 15, 2013
Yes.I work with several lenders that can help. in fact, we just helped a client with a similar situation as long as there is a letter or some documentation showing deferment. Feel free to call me if you're going to be headed anywhere near the Baton Rouge area. I'd love to be able to help. Good luck and welcome to Louisiana!

John Mondello, Realtor
Keller Williams
225.329.8119
geauxrealestate@gmail.com
http://www.geauxrealestate.com
1 vote Thank Flag Link Sun Dec 15, 2013
I have several lenders that I can refer you to for the answer to your question. They are definitely able to address your concerns based on your specific situation. I can be reached at 318-518-9274. Please contact me and I will gladly connect you with a great lender in our area. Thanks, Darin Hines
Web Reference: http://Www.homesbyhines.com
1 vote Thank Flag Link Sun Dec 15, 2013
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