Home Buying in 08081>Question Details

James Thomas, Home Buyer in 08081

Fiance has a 640 credit score and i have a 595 credit score, she make 39k and i make 41k, looking for a mortgage loan for approval with those score

Asked by James Thomas, 08081 Wed May 2, 2012

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Trevor Curran’s answer
Good morning James,

While a 640 score may be sufficient to qualify for FHA Insured financing with many Lenders, I have some more practical advice for you and your fiance. I strongly recommend you review your finances, especially your credit, and take your time to prepare for the homeownership experience. Buying a home and taking on a mortgage loan is a HUGE step. If your credit scores are less than 680, you really need to get better prepared so that you don't find yourself in trouble soon after buying your home.

Folks with poor credit and insufficient financial standing who purchased homes during the BOOM got easy mortgage money, but look at what happened after the fact. The mortgage is your responsibility; prepare yourself with strong credit, sufficient savings, and consistent, reliable income before you consider buying a home.

Sure, there are zillions of mortgage people who'll volunteer to help you with financing now. Based on real world experience of 22+ years in this industry, I'd suggest those mortgage people aren't offering valuable assistance, only leading you to a potential financial disaster.

Good luck!
Trevor Curran
NMLS #40140
1 vote Thank Flag Link Thu May 3, 2012
FHA guidelines allow Lenders to lend to borrowers with a minimum credit score of 580. I know a few Lenders I can recommend if you want to email me or visit our website..
2 votes Thank Flag Link Thu Sep 26, 2013
It's not just about the scores, and the amount of money you make, there other factors also. Call me and I will put you in touch with someone who will help you acheive your goals. 856-266-3941
0 votes Thank Flag Link Sat May 19, 2012
I can can get your loan closed. Brett Hillman Wells Fargo Home Mortgage (856-) 343-7197
http://www.brett.hillman@wellsfargo.com. Email me or give me a call. I will be able to assist you.
0 votes Thank Flag Link Fri May 18, 2012
Fortunately I have the luxury of working with 30+ lenders. While I would need to further evaluate your current scenario I do have lenders who will go as low as a 540-580 for FHA; it will depend on a few factors. Please contact me at your earliest convenience so I can see if you would qualify. Feel free to message me on here, send an e-mail, or call my office.

Kindest regards,

(201) 820-4420 [10am-6pm]
(201) 203-2266 [after 6pm / weekends]
0 votes Thank Flag Link Fri May 4, 2012
Your fiance might be able to qualify. Do it before you are married so no one will ask any questions. If you need both incomes to qualify for the amount of loan you want, you might have trouble.
There are hard money lenders out there, too, who could help, if you want to pay the ridiculous interest rates they charge.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu May 3, 2012
Wow, James: Potential buyers must be rare.

Do yourself a favor and go to someone without a dog in your hunt.

You'll have less stress and better results.
These folks can help put you on a path to a mortgage and smooth out some of the bumps along the way.

I don't have any vested interest in referring you here - it is unlikely that whoever you reach there will even know me - but it is the best place for you to start based on the information you have provided.

Go to: https://www.facebook.com/WeClarifi/info They do credit counseling, mortgage prep and a lot more. Make the call.
0 votes Thank Flag Link Thu May 3, 2012
The best way to get an answer to your question is to speak to a reputable mortgage rep. The mortgage rep will explain the mortgage process, research your credit and tell you what type of mortgage you qualify for, as well as the price range. I would be happy to give you a reputable mortgage rep and help you find the perfect property for you!
Estella Wright, Century 21 Rivera Realty located in Sicklerville, 215 840 8881.
Thank you
0 votes Thank Flag Link Wed May 2, 2012
you can qualify for a mortgage

search here for your best deals http://www.buyNJshortsales.com

Contact me

Search foreclosures and short sale here: http://www.BuyNJShortSales.com
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips
Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
0 votes Thank Flag Link Wed May 2, 2012
Hi James,

I work with several great mortgage companies and I do a lot of work in the Sicklervile area. I'd be pleased to help with your purchase. Contact me at 609-330-4024.
0 votes Thank Flag Link Wed May 2, 2012
Call Phil Valianti, He is the best Mortgage man I know 609-238-9773
Bill Muldoon
0 votes Thank Flag Link Wed May 2, 2012
Call me at 609-338-1690 and I will help you.
0 votes Thank Flag Link Wed May 2, 2012
0 votes Thank Flag Link Wed May 2, 2012
Good evening,

Not all lenders work with scores below 600. But I do know of one that I work with when I have clients with 580.

Please send me and Email & I will forward information to you.

0 votes Thank Flag Link Wed May 2, 2012
Thank You Janet can you provide me with the mortgage company, and the process of closing and underwriting,
0 votes Thank Flag Link Wed May 2, 2012
As a 21 year resident in the area I know of a lender that can help. Pls feel free to email me or call me for assistance.

Janet Larsen
Web Reference: http://www.njrealtorjan.com
0 votes Thank Flag Link Wed May 2, 2012
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