Will, Home Buyer in Waukesha County, WI

I just found that I have a 729 credit score. I have an annual income of about $45,000. How close am I to getting approved for a home loan?

Asked by Will, Waukesha County, WI Tue May 22, 2012

I've been trying to build credit for about a year in order to buy a home. I didn't run my FICO score, but my score with TransUnion is a 729. Like I said, I make about $45,000 net annually, and only have an open car loan with about a $2800 balance. All of my credit cards have very low balances and are paid on time, but have low credit limits. Before getting my feet wet, and speaking to a home loan officer I'd just like to know if it would be worth my time to start looking more seriously into buying a home. Thanks for any help!

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3
Hi Will,
That is great news about your credit scores. Glad you are in the mood to think about purchasing a home. It is always the best bet to start with a loan office to see what type of loan you may be able to get and the amount of the loan. This will help in your quest to find the right home. By starting with a lender you will know what you will need as a down payment and what your closing cost will be. You won't look at homes that don't fit your needs and price. If you are looking for a lender I have names that you might be able to start and would be more then happy in helping you find your home.
Debby
Homestead Realty Inc
Milwaukee WI
Web Reference: Http://www.debbyrealtor.com
0 votes Thank Flag Link Wed May 23, 2012
Will,
There is no charge to speak with a mortgage broker and he/she will be more qualified to give you the specific breakdowns but it seems to me you should be able to begin to look. Some questions that will be asked: Are you a first time buyer?, How much of a down payment do you have?, How long have you worked at your present job?, or are you a veteran? There are several types of mortagages available and interest rates are at an all time low. So don't hesitate and give a call.
0 votes Thank Flag Link Tue May 22, 2012
That depends on your income to debt ratio. Your best bet is to contact a lender and see what they tell you.
0 votes Thank Flag Link Tue May 22, 2012
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