Home Buying in Sioux Falls>Question Details

hlucille, Renter in Sioux Falls, SD

How good of a chance do I have at getting a mortgage with a credit score of 730?

Asked by hlucille, Sioux Falls, SD Mon Apr 23, 2012

How good of a chance do I have at getting a mortgage with a credit score of 730? Im looking in the less than 90k range. I only ask because I have student loans, medical bills, a credit card, and a car loan. BUT I have never missed a payment nor been late on one. Ive been at my job at the hospital for a year and a half.

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Your credit score of 730 is considered to be excellent when it comes to home financing, so you will most likely qualify for any loan program that you will be interested in. I can help you get pre-qualified, and get you a letter that you can give to any real estate agent and begin shopping for a home. if you like, feel free to email me at craig@advanamortgage.com.

thanks!

Craig Markhardt
NMLS 7026
Sr. Mortgage Banker
0 votes Thank Flag Link Mon Apr 23, 2012
South Dakota Housing has a program available for no down payment. Your Avera benefit looks like it would help with closing costs. It would be best to contact a lender to determine your debt to income ratio. I would be happy to refer you to one.
0 votes Thank Flag Link Mon Apr 23, 2012
Yeah I'm paying 700 a month right now with a roommate. Avera has a benefit that gives me 2500 towards down payment and closing costs. Gross income is 1400 with a total of 650 for my payments on all my accounts listed above...thats not including the utilities I pay now for the house. I'd be looking for something that would keep me under atleast 600(500 is ideal) per month. Sorry for so many questions its just I work Monday-Friday 8 to 5pm which I have full internet access just dont have much in person/phone time and most places are closed by the time I get off...
0 votes Thank Flag Link Mon Apr 23, 2012
Okay, would it influence anything if I didnt have anything for a down payment? Also, do lenders/brokers/agents take anything into consideration based on age?
0 votes Thank Flag Link Mon Apr 23, 2012
No they do not look at age unless you perhaps are under 18. First time homebuyers in South Dakota can get a "plus" loan which helps with the down payment and you can ask a seller to help with closing costs. Let me know if you have other questions!

Nancy
Flag Mon Apr 23, 2012
Your credit score is very good. Lenders will also look at debt to income ratio to make sure you can handle the payment. With today's low rates and a loan in the 90k range, your payment should be fairly modest (probably less than rent). If you're looking for a good lender I can refer you. I can also help you find a nice home in that price range.
0 votes Thank Flag Link Mon Apr 23, 2012
The credit score looks great!! You always have a chance, but you should talk to a mortgage lender to find out for sure. There are other things in play such as your debt to income ratio. If you would like me to send you to a lender I trust, I would be happy to!
0 votes Thank Flag Link Mon Apr 23, 2012
You should not have any trouble getting a mortage for under $100,000 with a credit score of 730. Credit score is very important and may even trump debt to income ratios. Speak with a lender to get the answers you need with your scenario. Let me know if you need help choosing a lender ~ or searching for a home.

Nancy
0 votes Thank Flag Link Mon Apr 23, 2012
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