Home Buying in Philadelphia>Question Details

Christopherp…, Home Buyer in Philadelphia, PA

Could I get pre-qualified for a mortgage with 680 credit, 40K income, $270/month debt?

Asked by Christopherpaul2009, Philadelphia, PA Mon Apr 22, 2013

I have a credit score of about 680, it's been going up about 5 points a month. I make around 40K a year and debt of $270 a month. I'm trying to buy a house by August 2013 when my lease ends. When should I start, how much money should I have in hand?

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Good evening Christopher;
If your middle credit score is the 680 you are good now.With a $40,000 income, your debt is extremly low and is not a problem.Money in hand would depend on what price home you want to purchase.With an,FHA mortgage you will need 3.5% of the purchase price and other monies for settlement costs.You can also recieve up to 6% of the sale price in monies the seller can contribute to your settlement cost.
As far as when to start activly looking fir your home,i suggest May or June depending if your lease expires the begining or end of August.
I would like to send you a few letters from previous clients who have purchased,so you can see how I conduct myself in buisness.After that we can set a time to sit down and talk about the buying process and get you pre-approved for a mortgage which needs to be done before you go out to look at homes.
I look forward to hearing from you.
Don Sherman
Century21 Advantage Gold-Castor
0 votes Thank Flag Link Mon Apr 22, 2013
Good morning Christopherpaul2009,

First step:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Apr 23, 2013
Hi Christopher, actually, yes, those are all good numbers. I would start now by deciding on a Realtor and "hiring" them (it's free to you as the Seller pays). Then we can get you prequalified. We need to know a $ amount so we know what to look for. I can try to back into it, however.

I would love to be one of the agents you do a phone interview with to see if we get along. I have multiple references you can call or email.

And I'm skilled at guiding you locations or types of housing (eg, no condo fees, low property taxes) that make the most of your approved monthly payment.

Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
267.507.2287 d
856.979.5967 m/text
Web Reference: http://SellingPhilly.com
0 votes Thank Flag Link Tue Apr 23, 2013
Hello Christopher,

I would be more than happy to assist you. The best way to see if you qualify is to speak privately either at my office, the comfort of your home or over the phone and see what you are comfortable with as a payment as well as what you can truly afford.

Brian Basile
0 votes Thank Flag Link Tue Apr 23, 2013
Any Real Estate Agent as a matter of fact every agent mortgage person and some that are neither will be glad to work with you so your in the drivers seat As to when to start now is a good time step one is to start interviewing Real Estate Agents. If you know where you want to live start in that area For example DO'T start with an agent in Center City if you want to live in the Northeast then If you want a Condo ask How many Condos have you represented either the Buyer or Seller in a CLOSED transaction. I'm in the Northeast and have represented Buyers and Seller though out the city and you will get better service and advise from a local area Realtor then one who has not had dealings with the local population of the are you want to be in. The reason I have done a number of deals though out the city is I do a number of short sales and rentals so I know the city fairly well but I prefer to work with Clients who want to be in the Northeast because my office is in the Northeast. Next get per-approved for a mortgage not just per qualified if your told they are the same find someone else to deal with because they're not If you call me I'll explain more 215-725-5700 X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Tue Apr 23, 2013
Hello Christopher,

I would be happy to put you in touch with a lender and discuss what it is you are looking for in your home search. Please give me a call at 267-688-1110.

Warm Regards,

Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office)
http://www.keithlawsonhomes.com (web)
LawsonRE@gmail.com (email)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Facebook https://www.facebook.com/PAHomeSales
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
Follow me on Trulia http://www.trulia.com/profile/keithjlawson/
"RE/MAX Executive Club Award Winner"
0 votes Thank Flag Link Tue Apr 23, 2013
Call me to discuss your situation i have been a full time realtor in the philadelphia area gor over 12 years.I can put you in touch with a local lender to get you prequalified

Michael Solomon
Realty Mark Associates

2155837777 office
2154212121 cell
0 votes Thank Flag Link Tue Apr 23, 2013
Christopher, what you need to do is allow a Loan Officer to review all your documentation and only then we can determine what you qualify for. What you're giving us here really isn't enough to determine if you qualify, it sounds good, but it's not enough.

It's possible that you have unreimbursed expenses, or an installment loan that's going to be paid off in the next 10 months, etc. these things have an impact on just how much you qualify for. A Loan Officer can also tell you exactly what you can do to increase your credit score within days.

I'm always available, feel free to contact me if you have any questions. I'm able to do loans in every state. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Apr 23, 2013
Hello Christopher, you seem to be off to a solid start. I am happy to discuss all of your financing options with you offline (payment level, price range, cash needed, etc.)

Please connect with me at http://www.PaulCarson.com or 215-874-0125
0 votes Thank Flag Link Tue Apr 23, 2013
Hello Christopher,

You should start now. Your score, income and debt is fine. It sounds like you qualify now. You need to get pre-approved so that you can start looking at houses. I'd be be happy to help you with that. I deal with first time home buyers for the most part and have relationships with several Philadelphia Realtors so I easily can guide you through the process.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Tue Apr 23, 2013
First real answer you need(think you should be qualified) is how much house you can afford, pricewise. Sounds like under $200,000 is best thoughts.
0 votes Thank Flag Link Mon Apr 22, 2013
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