Home Buying in 98177>Question Details

mwalters, Home Buyer in 98177

First time home buyers with credit score at 630

Asked by mwalters, 98177 Sun Oct 27, 2013

My husband and I have been saving towards a down payment for our first home. However, we went to a first time home buyers seminar and it was mentioned that you need a credit score of at least 720 to be pre-approved. Is this true? My husband and I have a steady income and employment. Is it better to wait until my credit score is above 700 before purchasing?

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As long as you have a 620 credit score you may qualify for a conventional loan with 3% down, a minimum 580 credit score is needed for FHA loans which requires 3.5% down. Either of these could be options for you. If you want a referral to a lender I'd be glad to help you out.
2 votes Thank Flag Link Sat Nov 23, 2013
You need a mortgage broker. Talk to three. Really. Interview three local mortgage brokers & bankers. The data shows most people go with the first mortgage broker they talk to. If you interview three mortgage professionals you will learn that there is more than one option for you. FHA may make the most sense, but you won't know the best mortgage loan until you interview several providers. A skilled mortgage professional will likely have some suggestions for pumping-up your credit score. There are several things you can do today that will result in a higher credit score in just a few short months. Good luck!
1 vote Thank Flag Link Sun Oct 27, 2013
You should be able to get pre-approved with a credit score of 630 but other things will also be considered. As your credit score goes up you will have more options and better rates however if you wait to long interest rates as well as home prices will most likely go up and that could cost you. I would talk to a couple of lenders right now and see what your options are. You could be ready to buy right now. If you have any other questions feel free to e-mail me or give me a call and I'd be happy to help.

Alain Picard
Cell: 253-861-7386
E-mail: realestatealain@yahoo.com
1 vote Thank Flag Link Sun Oct 27, 2013
Your question has many facets. Yes you can get preproved with a score lower than 720....but there are many variables that go into a mortgage decision. Some are rate and down payment. A lower credit score may result in a higher rate and/or down payment.

Is it better to wait? Hard to say. How long will you need to wait to improve your score? I would suggest a sit down with a mortgage professional to thoroughly discuss your options and then put together a plan of action.
1 vote Thank Flag Link Sun Oct 27, 2013
FHA can do as low as 580. I would contact a local lender to speak with them about what your options are currently and also what they can recommend to help you get your credit score higher and how that will help you rate-wise. A lot of lenders wok with buyers to help get their scores up. Best of luck!
0 votes Thank Flag Link Thu Mar 20, 2014
What everyone is saying is pretty much true. I can probably help you get your score up to 640 pretty quickly, which will make it much easier. But, 630 is doable. Of course, the better your credit score is, the better terms on the loan you will get. Where you want to live, what type of loan you qualify for, depends on many things that require a conversation with a lender. I would suggest that you have that conversation with at least 2-3 of us that can discuss options with you.

By the way, I am a loan originator & a real estate broker & have been doing this for a really long time.

Good luck to you in any case,
Jirius Isaac

Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference: http://TriStarFinance.com
0 votes Thank Flag Link Mon Oct 28, 2013
Thank you so much for the helpful advice everyone! Looks like it's at least worth our while to meet with someone. I didn't want to walk in if it wasn't possible so thank you again. We'll see what happens!
0 votes Thank Flag Link Sun Oct 27, 2013
2/7/14

Mwalters

Do you still need any assistance with getting pre approved , understanding your credit report or purchasing a property ? If so – feel free to call or email me

Dave Skow
Eagle Home Mortgage
206 714 9745
dskow@Eaglehomemortgage.com
Flag Fri Feb 7, 2014
welcome .....
Flag Sun Oct 27, 2013
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