Home Buying in Bloomfield>Question Details

Kacey Davis, Home Buyer in Bloomfield, CT

I have an income of 36,000 a year with not alot of outstanding debts. My credit score is between 650-680, will i be able to get a mortgage?

Asked by Kacey Davis, Bloomfield, CT Fri Mar 28, 2014

Help the community by answering this question:


Hi Kacey,

When you're ready to purchase I home, I specialize in working with first time home buyers. Feel free to contact me at 860-368-8383 with any questions.

Jessica Tracy
Keller Williams Realty
0 votes Thank Flag Link Mon Mar 31, 2014
Good Morning Kacey,
There is so much to think about when buying a new home. I am both a Realtor and a Mortgage Broker, and while I can not assist you on both transactions, I can assist you on one or the other and the great news is as we work together I have an understanding of it all!
Obtaining a mortgage can be confusing and somewhat frustrating, as there are many things that must be considered by the lender. First Step is applying. DO NOT be misled by stories that many applications will lower your credit score, this is simply untrue as the Credit Reporting Agencies do NOT punish a person for "shopping around" for the right fit and best rate!
I am available basically from morning till night and weekends to personally answer any specific questions you may have.
0 votes Thank Flag Link Sat Mar 29, 2014
Hi Kacey, your credit score is acceptable and should allow you to get a mortgage. There are several programs geared to helping moderate income first time homebuyers that would be great for you. The Connecticut Housing Finance Authority has one of the better ones. Check them out at http://www.chfa.org. Credit score is just one part of the equation when you're trying to buy a home. Income and amount of debt are other factors lenders will look at. Look for a realtor who can help you navigate the process. There's a lot to learn!
0 votes Thank Flag Link Sat Mar 29, 2014
I am from the finance side. Everything looks good. Main thing will be the price range you are looking at to make sure your debt to income ratios stay under 56.9% need to make sure you use a direct lender. With new rule changes brokers are more restricted. For some the score is right on the edge. I know my company goes down to 600. If you have any other questions just contact me.
0 votes Thank Flag Link Fri Mar 28, 2014
Hi Kacey,
So far so good. Lenders consider your score, income, debt ratio and job security. Without knowing more, all I can tell you is I don't see any red flags so far. Your income and debt will cap your purchase capacity, If you want to maximize your options, pay off any debt and meet with a great local lender to explore further.
0 votes Thank Flag Link Fri Mar 28, 2014
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