Home Buying in La Porte>Question Details

Weizer, Home Buyer in La Porte, IN

Lets try this again. I have a credit score of 630, what mortages are available. I have Proof of income 70K, no cc debt, medical collections an 28 year

Asked by Weizer, La Porte, IN Wed Mar 2, 2011

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Weizer,
I am not a lender but from what lenders have been advising us you sound like a great buyer! In the past year 620 was the magic number. Although with some money down that number has been recently opened up to lower scores.
I would recomend you speak to a lender and find out what product best suits your needs. You did not mention how much money you are putting as a down payment, this will help determine mortgage options. FHA is typically 3.5% down payment, and convention loan products vary depending on how much money you are putting down.
The rates are still remaining very low. This is a good time to buy a home.
I agree with Jim with his recomendation of Jennifer Smart. I have used her for my clients over the years. I also can recomend a few others if you are interested.
Feel free to email me personally if you have any questions about home buying. I have 10 years experience selling homes in La Porte County.
ronda.v@comcast.net
0 votes Thank Flag Link Wed Mar 2, 2011
Weizer, 620 is the credit score threshold so you are over that, you also have a good income(have you been emplolyed with the same employer for 1 year or more? lenders look for stable employment) you seem to have a low debt ratio also, so I would say you should be good to go. In LaPorte Co. I highly reccommend Hallmark Home Loans located in the Marquette Mall, Speak with Jennifer Smart or Bernie Conners they are very Knowledgeable in the Mortgage industry and shoul be extremely helpful in getting you preapproved then a Realtor such as myself can help with your home search. Jim Vowell-Keller Williams Realty 219-363-5708 e-mail: jvowell@kw.com Serving LaPorte Co. IN
0 votes Thank Flag Link Wed Mar 2, 2011
Hi Weizer,

An FHA loan would probably be your best option. You don't have to be a first-time homebuyer and they are more lenient when it comes to collections.

Best wishes,

Elva Wormley
Cobalt Financial Corporation
0 votes Thank Flag Link Wed Mar 2, 2011
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