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
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
Wendy Thompson, Patriot Bank -- (901) 461-8858
Judy Stanley, Crump Mortgage -- (901) 652-4821
David Umsted, M&P Bank -- (901) 870-5461
Contact Judy Crenshaw: 901-759-4306 / 634-1775