Home Buying in New York>Question Details

Clione_08, Home Buyer in New York, NY

Hi I have a 630-650 credit score

Asked by Clione_08, New York, NY Wed Nov 21, 2012

Hi I have a 630-650 credit score and I make 43k a year. I wanna buy a house next year but I am not sure if I am going to be approved for a loan. I live in NYif that makes a difference.

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12
Hi there,

How are you? Congratulations on your decision to become a home owner!

Based on your income your options will be somewhat limited but it's certainly not impossible depending on how much of a down payment you can afford as well as what the circumstances are surrounding why your score is low. For starters, I would recommend checking out this loan estimator tool http://www.ginniemae.gov/2_prequal/le_intro_questions.asp?Se… to see how much you can actually afford. You can navigate through the site to find other resources for moderate income lenders as well as housing options. I wish you the best in your quest to buy a new home :-)

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
5 votes Thank Flag Link Sun Nov 25, 2012
It would be highly unprofessional of me to simply give you a yes or no answer based on just your FICO and income. There are several additional factors which must be addressed such as projected down payment, sales price, debt-to-income ratio (DTI), and a few others. I work with upwards of 30 lenders, some who will go as low as a 540 FICO, which is why your score is only one piece to the equation. Please get in touch via phone, (201) 203-2266, or email at your earliest convenience so I may grasp a better understanding of your scenario, discuss your goals, and devise a plan for your future home purchase.



Paul Marzolla
Loan Officer
(201) 203-2266
pmarzolla@unvmortgage.com
2 votes Thank Flag Link Mon Nov 26, 2012
Your best bet is to speak to a loan officer. they will figure out your debt to income ration which is needed to qualify for a loan. Inquire about an FHA loan, they typically work with 640 scores, you'll just have to find a lender that will accept it.

Chris
1 vote Thank Flag Link Sat Nov 24, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer do visit with any licensed loan officer....
1 vote Thank Flag Link Wed Nov 21, 2012
Hi Clione,

My name is Coffy Bailey and I am a agent with Exit Realty Power. I would be more than happy to assist you in purchasing a home. Please feel free to contact me at your earliest convienace and I will be glad to assist you as I have mortgage people that will be glad to discuss what you can be preapproved for based on credit score, income and down payment to name a few.

Coffy Bailey
Exit Realty Power
646-773-8347
Coffy@exitrealtypower.com
1 vote Thank Flag Link Wed Nov 21, 2012
Hello Clione. As others have suggested, your FICO score is one piece of your total financial picture when thinking of purchasing real estate. Prices can vary depending on what part of NYS you live in and that will also impact the proceedure.

You make no mention of your liquid assets and based on the way you asked your question, I might think you've not spoken with a Mortgage professional yet. A Mortgage pro could help you with your question most directly and you should start there. You also make no mention of your debt. In short, you need to see a Mortgage pro either in the Bank you do your Banking with or by referral from someone you know who may have recently purchased. Good luck.
0 votes Thank Flag Link Mon Nov 26, 2012
Times are tough, and banks want close to perfect credit, sometimes the score is not the issue it is also your credit history if you have been bankrupt, or had bills that are or were in collections this can pose as an issue, however starting today up until next year there are ways you can strategically build your credit up.

1.) pay off your current debt slowly and steadily
2.) use your credit slightly always keep 75-80% of your credit limit unused
3.) Avoid inquiries if possible this can lower your score as well
4.) Contact a credit repair center for assistance. They are very helpful

Good Luck Clione
0 votes Thank Flag Link Fri Nov 23, 2012
Your income alone makes buying in NY very difficult if not impossible. Go to Neighborhood Housing Services for counseling. They will help you with any credit problems you have and educate you on any programs you may qualify for (to help with a down payment).
0 votes Thank Flag Link Fri Nov 23, 2012
Hello Clione, if you are in a position to put more money down than the typical 20% your chances will increase since your payment will be less as a % of your income. Your credit is a bit low for the best rates but my understanding is that you may qualify for something at a higher rate (again, the less you are financing the better). Good luck!
0 votes Thank Flag Link Fri Nov 23, 2012
It's a great idea to speak with a lender or mortgage broker. Once you are pre-approved and are ready to start looking at properties give me a call, I would love to help you.

CITI HABITATS
1456 First Avenue | New York, NY 10021
P 212.774.3800 | Cell 917.435.6611
Rbarbosa@citihabitats.com
0 votes Thank Flag Link Wed Nov 21, 2012
I'm sorry Clione but I have to be perfectly honest with you and real, your income alone is problematic. You might want to think about a cosigner if that's an option. You'll see for yourself once you speak to a loan officer. All the best.
0 votes Thank Flag Link Wed Nov 21, 2012
Hello, there is a good chance that you will be approved for a loan... The amount you will be approved for depends on your monthly debts, your income and any potential rental income of you are interested in multi-family properties. Feel free to contact me of you have any more questions or want to get Pre-approved.
0 votes Thank Flag Link Wed Nov 21, 2012
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