Home Buying in 98270>Question Details

sweetlilly_16, Home Buyer in Marysville, WA

I have Fico score of 671 and want to know if that would qualify for conventional loan.

Asked by sweetlilly_16, Marysville, WA Sat Jul 20, 2013

All I have for debt is credit card which I pay off every month never max out. So they put my debt at $30 I bring in $2100 a month.. Am only looking to borrow $84000..

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We have a great in house mortgage broker who can answer all your questions and get you prequalified as well. I would love to show you some properties and get you started on the way to owning a home! I also have the contact information of a guy who can help you with tips on raising your credit score. Roxanne Sappingfield with New Horizon Realty.
0 votes Thank Flag Link Sat Feb 15, 2014
I have heard of loans going through with a score as low as 620. Would you like to meet with our in house mortgage broker next week? Cristie Gaman @ Preview Properties Marysville
0 votes Thank Flag Link Sat Feb 1, 2014
Like a number of potential buyers, you are asking a lot of good questions. What you are failing to do is taking action. Most all lenders will pre-qualify you at no cost to you, if you are willing to commit yourself to their services. The same goes with a Realtor. There is no cost to you to use a Realtor to look at homes. Again, you want to commit yourself to one Realtor. You could be liable for a buyer's commission if you try to engage more than one Realtor at a time.

If and when you're ready to buy, your Realtor and Loan Officer will help you determine what price range you need to be looking for. Additionally, they should be able to give you suggestions to increase your credit score and increase your buying potential.

FREE 1st Time Home Buyers Seminars are offered locally by the Washington State Housing Finance Commission. Call 425-257-4421 to make reservations.
0 votes Thank Flag Link Mon Jul 22, 2013
Sweetlillly,
Your score is fine, so that won't be an issue. Your income sounds like it's from several sources, so a lender will have to take a good look to see the sources and verify they are ongoing. If $2100 per month is your take home, the lender will base your max payment on your gross income, less other debts, based on the program you select and rate you qualify for.
When it comes down to it, you're going to need a lender to review your application, pay stubs, bank statements and obtain an independent credit report. Lenders will not rely on a credit report they didn't pull themselves for any formal approval. If you have the interest, you may be on your way. The biggest issue I see may be your income and it's various sources. Best of luck.
0 votes Thank Flag Link Sat Jul 20, 2013
Yes you can. You can buy anything conventional with that score, but you will take a hit for your credit score & have to either get lender paid mortgage insurance or pay your own on top of the payment. If you want more details, I would be happy to work with you and give you some options. Interest rate will start at 5% & go up from there depending on what you buy & how you want to deal with mortgage insurance.Your debt to income is going to be a limiting factor so we need to do some calculations based on actual numbers that we need to verify. Please contact me directly if you want some more help.

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 Sat Jul 20, 2013
all income has been same for last 6yrs and will stay same
0 votes Thank Flag Link Sat Jul 20, 2013
Sorry about that yes I have stable income two of my kids receive SSI, child support, alimony all which totals the $2100.. I have $11000 down payment can prob come up with little more if needed
0 votes Thank Flag Link Sat Jul 20, 2013
Too many variables unaddressed to answer .... Down payment ? Job stability? ...get pre approved to find out for sure
0 votes Thank Flag Link Sat Jul 20, 2013
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