Home Buying in 28226>Question Details

Tfallon680, Home Buyer in Charlotte, NC

Can someone tell me if my husband and I can get approved for a mortgage if my fico is 640 and his is 601. I have only one recent collection for a cell

Asked by Tfallon680, Charlotte, NC Sat Dec 15, 2012

All other collections are 2 plus years old and none of them are medical collections.

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Hi Tfallon680,

Your scores are fine, i have a local lender recommendation who does 580+ scores. It often depends on your debt / income and if you had any recent late payments but you sound like you should be fine ! feel free to contact me anytime for recommendations or if you need a good realtor. Thanks Ryan 704-608-4767 C/T or Ryanharlan1@gmail.com

also you might want to check out NC advantage or talk w/ lenders about specific programs to allow you to keep more cash in your pocket when buying a home my lender has allot of programs to help save buyers money.
0 votes Thank Flag Link Mon Feb 23, 2015

Based on strictly credit score the two of you can qualify for a mortgage. I work with a lender that approves FHA loans with a score as low as a 600. Not knowing what is on your credit report makes it difficult for any of us to specuialte as to whether your credit is sufficent to qualify for a mortgage.

credit score is one part of the equation to getting qualified to purchase a house. My advice is to talk to a reputable mortgage lender that will qualify you based on those scores and inform you if you can qualify based on your credit history.

The mortgage person I refer clients to is Chris Ayer. His cell phone number is 704-771-3954.

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Mon Dec 17, 2012
Good afternoon, KMason
If you meet the criteria in the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" (link below), then you can most likely get a loan. You will likely get suggestions for many different mortgage brokers and mortgage bankers. I suggest you work with a mortgage banker who is lending their institutions own money. Lenders all get their money from the same place, so interest rates will be very similar, but with a mortgage banker, fees will be lower. Regardless of who you choose, you should resist the urge to simply compare quoted interest rates but instead compare Annual Percentage Rates (which is the percentage rate including all interest, plus fees and costs). Because multiple inquiries in a short time can negatively affect your credit score, I also recommend that you initially only authorize ONE lender to pull your credit.For a personalized recommendation, please contact through profile. Once we see what that lender is willing to do for you, we can determine if the rate and terms are acceptable, or if you need to go to a specialty lender.

But obtaining financing is just one step. We work with a lot of first time home buyers and carefully coordinate with your lender to negotiate a price and terms of your purchase that works best for you. Often we are successful in finding down payment assistance money for qualified first time buyers, and for many purchases, we are able to get the Seller to pay all of your lender fees, fund your prepaid property tax and insurance escrows and pay for your title search, inspections and other closing costs. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. Id be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Sun Dec 16, 2012
Hello, Thanks for the inquiry. Our firm is a fully licensed full service firm that works with individuals in your situation as we handle rentals, rent-to owns, and sales transactions. Feel free to give us a call at 704-697-1300 or http://www.ownmyrental.com.. We work with many mortgage brokers and have in house assistance. Look forward to hearing and working with you on your new home!
0 votes Thank Flag Link Sat Dec 15, 2012
Please feel free to give me a call or email so we discuss how to help you. Shane.johnson@polimortgae.com/704-574-6611. I am a Charlotte based loan officer/branch manager. You can also check out my reviews by reviewing my profile on zillow by searching for shane johnson zillow reviews via google.
0 votes Thank Flag Link Sat Dec 15, 2012
Yes both of you can get approved. You may have to pay the under two year collections
0 votes Thank Flag Link Sat Dec 15, 2012
Your best bet is to talk to an experienced mortgage lender. Only a lender can give you the advice that you need. Mortgage qualification is outside a Realtor's area of expertise. I can recommend Ashleigh Clark with Cunningham Mortgage. She is so easy to work with and can help you either qualify now, or develop a plan to get you ther. Ashleigh's email is ashleighc@cunninghammortgage.com. Shoot her an email with your questions!
0 votes Thank Flag Link Sat Dec 15, 2012
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