Home Buying in Elizabethtown>Question Details

Mckensie Gray, Home Buyer in York, PA

I have a credit score of 611 and my fiance with a score in the upper 700's. I am afraid that we will have trouble with financing. Any Tips?

Asked by Mckensie Gray, York, PA Mon Jan 7, 2013

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You should be able to get your credit score up in a few month . There are several ways of doing that and good mortgage agents are happy to help you with that.

Get your credit score to a better level and you might also get a better interest rate .

This credit exercise can also be good education tool to get you ready for the responsibility of owning a house.You will need the discipline to make your mortgage payments, the taxes, insurance and utility cost.

You also need to be prepared to pay for repairs and maintenance of the house.This means living with a budget and reserves..

It is better to wait a few month, or maybe longer , before buying a house and use that time to get your financial life in order.

I hate it when my clients call me and tell me that they have to sell their house because they are in financial trouble.

I wish you both the a healthy financial life , with or without your own home.
0 votes Thank Flag Link Mon Feb 4, 2013
Your fiance will be more then fine. Your score is a bit low. But not that far off. Lenders like to see a 620. But will consider a lower score case by case. Depends on the issues at hand.
You can use just your finace's credit to buy the home. And you can be put on at a later date and time. Maybe once your married?
Not all is lost and remember that that the interest is low and houseing is still at a all time low and you may just have a chance to move now before the market changes. Allready this winter I have seen homes increase in price . And who knows when this interest will be this low again.3.32 %!!
0 votes Thank Flag Link Thu Jan 24, 2013
Hello McKensie,

I can do an FHA mortgage with a 611 credit score. If I can get your credit score to620 the rate would definitely be better. I would not give out any tips on improving your credit without actually seeing the report. There are sometimes easy fixes such as paying down credit card balances. Do not pay off collections as your score will actually go down. Give me a call and I will be happy to assist you.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Mon Jan 7, 2013
Good morning McKensie Gray,

I recommend you and your fiance meet in person with a Local Mortgage Banker to be thoroughly Prequalified.

First, your Mortgage Banker may be able to suggest a course of action to help you increase your credit score sufficiently to qualify.

If not, then the Mortgage Banker can qualify your fiance on his income/credit/assets to find a solution for your dream of owning a home.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes Thank Flag Link Mon Jan 7, 2013
You should be good to go. It may be best to leave you off the loan.
0 votes Thank Flag Link Mon Jan 7, 2013
Best thing to do is get in touch with a good mortgage lender that can guide you down the correct path. Let me know if you need help with that and I can get you in touch with a good lender.
Have a great day!

Sajy Mathew
Coldwell Banker
0 votes Thank Flag Link Mon Jan 7, 2013
If his income will qualify, he can apply as the sole applicant. If you both apply, the lender will use the lowest middle score.
0 votes Thank Flag Link Mon Jan 7, 2013
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