Home Buying in Memphis>Question Details

Twinszz, Home Buyer in Memphis, TN

I have a credit score of 611 and I make 82k a year. I have paid off everything on credit report. I am looking for mortgage co. Or bank in Memphis.

Asked by Twinszz, Memphis, TN Fri Mar 9, 2012

It has been 6 weeks since I have corrected my credit. Normally my score is 680 with credit issues. I have no debt outside of my current mortgage. I will have up to 20% down payment for 100k loan, if necessary.

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Hi Twinszz!

Generally, you're going to find that most lenders require a minimum credit score of 640, a few may look at 620, and I've even heard stories of 580, but from my experience 640 is about the norm. Your debt to income ratio may vary by the lender or type of loan, but would have to be some where within a 40-45 range on the high end of the averages. Prior payment history including bankruptcy and other issues may have an effect, and depending on the type of loan you may qualify for, type of home and area, you may only have to provide a 3.5% down payment. Other loan types may even lower that amount. If you would like more information, or lenders you may want to contact to discuss your situation, feel free to contact me.

Michael Bellaire, Broker, ABR
Crye-Leike Realtors
1 vote Thank Flag Link Fri Mar 9, 2012
I recommend Community Mortgage (Doug Thompson). I use him quite frequently and even though your credit score is a little low based on what you say I think he can work with you.

Thanks and when you are ready to buy a new home in Memphis I would appreciate the opporunity to work for you.

Betty Shelton, The Starnes Company
email. bshelton@bellsouth.net
1 vote Thank Flag Link Fri Mar 9, 2012
Here are three of the best local lenders I know. Call any of them and they will will happy to help you get pre-approved for a home loan.

Wendy Thompson, Patriot Bank -- (901) 461-8858

Judy Stanley, Crump Mortgage -- (901) 652-4821

David Umsted, M&P Bank -- (901) 870-5461
1 vote Thank Flag Link Fri Mar 9, 2012
I recommend Doug Thompson with Community Mortgage and you can reach him at 901-489-5785 and tell him that Betty Shelton referred you.

Thanks and good luck, Betty
0 votes Thank Flag Link Thu Mar 15, 2012
Comunity Mortgage is one of the largest companies in the Mid-South area. They are respected thoughtout the community of Realtors and clients. They offer a Rapid ReScore program for buyers like you.

Contact Judy Crenshaw: 901-759-4306 / 634-1775
0 votes Thank Flag Link Wed Mar 14, 2012
Thank you everyone for your responses. I have since found my credit score is much higher than the original posting as I have cleared everything from my credit report except one thing.
0 votes Thank Flag Link Mon Mar 12, 2012
Sounds like you're doing all the right things and are very close, and you may qualify for a USDA loan with 100% financing. Give me a call if you have questions. 703-626-8908 Jackie O'Kelley/Remax Memphis
0 votes Thank Flag Link Sat Mar 10, 2012
Try Steve Blake with Wells Fargo 901-238-4468 and tell him Denise Richardson with Crye Leike sent you.
0 votes Thank Flag Link Fri Mar 9, 2012
Please call me at 901-497-1470 or email me at randyjefferson@me.com and I'll give the name and number of the best loan officer in town. ( I don't want to put it on this public site and subject them to spammers).
0 votes Thank Flag Link Fri Mar 9, 2012
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