Home Buying in Snellville>Question Details

goodtimes232, Home Buyer in Snellville, GA

First time buyer. FICO of 619; DTI of 10% $50K yr. DP coming as gift. Should i even try to apply for a loan? Do I need the gift before we apply?

Asked by goodtimes232, Snellville, GA Thu Apr 11, 2013

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You should not have an issue getting a loan
0 votes Thank Flag Link Fri Apr 12, 2013
I definitely think you can get approved. If you need a referral to an excellent lender please let me know and I will be happy to assist.

Ava Anderson
Solid Source Realty Inc
770 369-5121
0 votes Thank Flag Link Fri Apr 12, 2013
Find a good agent in your area and find out if her recommended lender does FHA. Less down payment and may be easier to get.
0 votes Thank Flag Link Thu Apr 11, 2013
Sounds like we can approve a FHA loan (3.5% down) for you. We're licensed in AL, AR, GA, IN, LA, MS, OK, SC, TN & TX. We originate loans for folks with middle credit scores as low as 580.

You may apply online at http://www.rhlapps.com/kjones or give me a call.

K.C. Jones
RH Lending
0 votes Thank Flag Link Thu Apr 11, 2013
Hi goodtimes232, It's an excellent time to buy and it looks like you might be well positioned to get in the race. Your score looks strong and there are some lenders out there who can help you get approved for a purchase. Give me a call and I call help you to the right lender and then help you find a home.
Arvelyn Lewis
Grace Realty Group
0 votes Thank Flag Link Thu Apr 11, 2013
Yes, but it would be wise to contact an agent who can provide a list of lenders who may be able to help you not just apply but get approved. As you've read before, many lenders are requiring a 640 credit score, but others are not.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR® Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Thu Apr 11, 2013

First step is to gather objective information and more objective information because the second step is one of the most critical in the process. Choosing your loan officer and lender. Critcal choice. Consulting with an experiended ethical loan officer who works for a lender that offers all of the loan types for first time home buyers will produce your options, and either produce a loan now or establish an effective plan that will produce your loan as soon as possible. I have watched effective loan officers analyze credit and have loan approval in a week. They work with credit every day and are the experts when it comes to credit for home loans. They also have an incentive to improve the credit, the loan and their commission. Check out the article, Consultation Interviewing Loan Officers, and the two articles on credit repair as well as the article about the legitimate no money down options for first time home buyers, @ Your-Road-Home.com. Also be sure and read article #9 about the MCC tax credit. The best tax credit ever and available. I am receiving emails from people explaining they are having difficulty finding lenders who are familar with the tax credit. If you interview a loan officer and they dont recommend the MCC move on to your next consultation. Email me if you need help. You will also find a link to your state's agency for assistance and grants for first time home buyers and most of the agencies are familar with the MCC.
Best of Luck, Stephen Webber
Web Reference: http://Your-Road-Home.com
0 votes Thank Flag Link Thu Apr 11, 2013
Absolutely! you should apply. plus there are programs that has Down Payment Assistants, and if someone is donating the gift it will need to be there before the loan is approved. I would love to assist you. Call anytime: 770-780-7626.
0 votes Thank Flag Link Thu Apr 11, 2013
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Thu Apr 11, 2013
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