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.
(201) 820-4420 [10am-6pm]
(201) 203-2266 [after 6pm / weekends]
There are hard money lenders out there, too, who could help, if you want to pay the ridiculous interest rates they charge.
Depending on where you want to buy/live in Slickerville, you maybe eligible for the no money down USDA mortgage but you'll need to get your score up to at least a 620 mid.
Check the link below to see which areas around Slickerville are eligible.
There are some other great benefits with the USDA program like the ability to roll your closing costs into the loan and the monthly mortgage insurance is substantially less than an FHA or conventional loan.
For example: On a $250,000 FHA loan, the monthly MI payment is $260.41 but on a USDA mortgage it would only be $62.50. This means you could buy a home for $292,000 with a USDA mortgage and you would have the same monthly payment as an FHA loan on a $250,000 home.
The USDA mortgage does have county income limits and for Camden County it's $93,450.00 per year for a 1-4 person household.
Like I said, you'll need a 620 score to qualify but you're not that far off. You need a mortgage professional that can walk you through the steps necessary to bring your score up. It could be something simple that can be addressed with a rapid re-score in 2-3 days.
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.
Estella Wright, Century 21 Rivera Realty located in Sicklerville, 215 840 8881.
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