Home Buying in Brunswick>Question Details

Shannanmarie, Other/Just Looking in Brunswick, OH

I live just outside Cleveland, in Brunswick Ohio and want to buy a house, but I have a credit score of 611, any suggestions?

Asked by Shannanmarie, Brunswick, OH Tue Mar 2, 2010

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Nicole St. Aubin’s answer
My computer is being silly. Wanted to add.. debt to income ratio is important! The mortgage company will figure up your monthly bills and what percentage it is of your monthly income, and there is a cap for each type of loan!

A few online resources for you!

http://maps.google.com/maps?hl=en&oq=&um=1&ie=UT…

There are many types of loans, you may only qualify for one type, but it's good to check them all out
Most first time home buyers go FHA which is a government backed loan. Typically, a fixed rate mortgage is preferred!!

http://www.homebuyinginstitute.com/mortgagetypes.php

Good luck to you!
1 vote Thank Flag Link Tue Mar 2, 2010
Hello,
I am a agent in Medina,Oh I can help you ! My company has a mortgage company affiliated and can refer you to a senior mortgage specialist he is wonderful at least you can see if your eligiable for any of the loans out there. have you seen your score and reasons behind the low score sometimes its as simple as old issues not updated in your credit.
Contact me and I will get you his name.
0 votes Thank Flag Link Mon Mar 15, 2010
The first and best place to go is to a loan officer! Make sure getting a pre-approval is free, as most are. I always suggest going to 2-3 different venues... a mortgage company and a bank you may have used in the past. You can even go online these days and apply online, b ut be cautious anytime you give out personal information!! You can call and speak to a loan officer on the phone, or apply online and they will contact you. I usually prefer dealing with local lenders, versus a national representative out of state. You may want to be able to go to your lender to ask questions not deal with a 1 800 number!

Typically, a credit score of at least 600, a good rental reference for atleast a year, and 2 years on the job are good indicators of being approved.. but.. its free so doesnt hurt to try!

After a short loan application and a few docuemnts, inclduing current pay stubs and past tax returns, as well as bank statements, and they can give youa pre approval within a few days! They will give you what's called a good fair estimate for closing costs as well as an estimate interest rate so you can compare it with another, and find the lender you feel most comfortable with as well as the one with reasonable closing costs and best interest rate. Sometimes, you can get the lenders to compete with each other!
0 votes Thank Flag Link Tue Mar 2, 2010
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