Home Buying in Phoenix>Question Details

Ruben C., Home Buyer in 85226

Looking to buy my first home. 636 credit score and a steady job. Is it possible to find a lender with that score?

Asked by Ruben C., 85226 Tue Jul 9, 2013

I am a first time home buyer. I have a 636 credit score and its slowly climbing. I have little debt. All vehicles are payed off. I have been in the same field for 14 years. Would I qualify for a loan?

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Answers

20
I would love to introduce you to my preferred lender. He works out of our real estate office so as you might expect there is an extra level of accountability built into the relationship. He works for a large privately owned mortgage bank with many in-house programs. They also have other relationships so several are bound to fit you situation. Give me a call and I can introduce you.

Mario Micheli, REALTOR
Juris Doctor, Special Real Estate Commissioner, Maricopa County Superior Court
480-440-0077 (mobile)
mario@hiremario.com (email)
http://www.linkedin.com/in/hiremario (Linkedin profile)
1 vote Thank Flag Link Sat Jul 20, 2013
Hello Ruben , yes you can get a lender that can help you

here are a few suggestions buy you can interview a few and use the one thats best for you

Carlos Morales Alterra home mortgage 6027577716 or 6029057598

Juan Marquez Office (800) 453-7884 Cell: (623) 337-7558

Ray Strahl Amerifirst Financial 480.344-1983 (Telephone) | 623.341.7614 (Direct)

hope they can help you and if you dont have a realtor that you are working on i would love
to be able to help you

have a great day
0 votes Thank Flag Link Mon Jul 22, 2013
Ruben, I work with a great team that will help you into your first home, this team includes some great lenders!

Just give me a call and I can get you some more information, and send you over to a great lender to get your process started!

480-275-9566

PS. I look forward to speaking with you soon!
0 votes Thank Flag Link Mon Jul 22, 2013
Please contact a lender, and the lender would be able to give you some advice.
0 votes Thank Flag Link Thu Jul 11, 2013
Ruben,

I can refer you to some excellent loan officer that will be able to assist you with getting preapproved for a mortgage. Please give me a call to discuss.

Sean Heideman, Broker
Position Realty
Office: 480-213-5251
Fax: 866-232-2256
Web: http://www.PositionRealty.com
0 votes Thank Flag Link Thu Jul 11, 2013
What you can do is meet with a Loan Officer who is able to only review your income documents and bank statements, but also pull your credit and tell you just what you must do to et your scores up. Are there lenders who can do loans with scores under 640, absolutely. What you must know is that these loans come with much higher rates and almost always have restrictions when it comes to debt-to-income ratios, seller concessions, additional reserve requirements, etc.

So by doing a loan with lower scores, it'll cost you much more every month, you'll need more of your money to close and you'll qualify for less which means you'll have less options. If you have a 636 credit score, it's usually a matter of lowering a balance on one of your credit cards or a couple of them. It's a small price to pay to avoid the more expensive route.

I can tell you exactly what documents you would need, I would review it all and let you know exactly what you can do to improve your credit. The very system we use to pull credit also provides what's called a credit analyzer. This is a report that details what accounts must be paid off and how many points you'll increase by as a result. Once you make te payments, it's just a matter of days to issue a new credit report with a higher score. This is all officially reported at the bureau level. It really is a very useful tool. If you need a Loan Officer to Leo you, I'm super easy to get in touch with. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Wed Jul 10, 2013
Today my vantage score is 637
0 votes Thank Flag Link Wed Jul 10, 2013
Ruben,
While I can't tell you why, often when I run clients scores they are higher then those they get on line themselfs. I'm here to help whether it's to increase your score, qualify you for a Home in Five Grant (5% of the purchase price) that you can use for your down payment or your closing costs or just a conventional loan. Helen - New West Lending 602-962-4043
Flag Wed Jul 10, 2013
Today my vantage score is 637.
0 votes Thank Flag Link Wed Jul 10, 2013
Have you spoken directly with a lender?
0 votes Thank Flag Link Wed Jul 10, 2013
Ruben,

Feel free to contact or apply on my lender link on line.

I have an awesome reference to guide you in the process.

602-799-6846
0 votes Thank Flag Link Wed Jul 10, 2013
Ruben,

Everyone has given you great advice!

One reason you might want to work with a lender, especially an approved lender for Home in Five Advantage program here in Phoenix, is because with a 640 credit score you may quailify for their incredible down payment / closing cost assistance grant.

The Home in Five Advantage Program offers Buyers like you, a non-repayable grant of 5% of the purchase price of your new home, condo, or townhome...up to $300K) that you can be use towards your down payment and closing costs.

It's an Awesome program and if you would like see if you would qualify and/or help with improving your credit score, I would be honored to work with you.

Helen
Helen Connors-Groom
Licensed Loan Officer
NMLS 1050849 | AZ LO-0923891 | CA-DBO1050849 | WA MLO-1050849

C 480-703-6883
O 602-761-4043 Voice or Fax
TF 888-522-7870
helen@newwestlending.com

New West Lending, Inc.
7310 N. 16th Street, #170
Phoenix, AZ 85020
NMLS 164722 | BK0018700
0 votes Thank Flag Link Wed Jul 10, 2013
HI Ruben,

As a direct lender to Fannie and Freddie we can lend with a credit score of 620 or above. If you are interested in getting pre-qualified or better yet, fully pre approved by an underwriter go to my website or give me a call.

http://www.DavidRider.com or 480-788-9221

CMG Mortgage
NMLS 200787/1820
EHO Lender
0 votes Thank Flag Link Wed Jul 10, 2013
What you can do is meet with a Loan Officer who is able to only review your income documents and bank statements, but also pull your credit and tell you just what you must do to et your scores up. Are there lenders who can do loans with scores under 640, absolutely. What you must know is that these loans come with much higher rates and almost always have restrictions when it comes to debt-to-income ratios, seller concessions, additional reserve requirements, etc.

So by doing a loan with lower scores, it'll cost you much more every month, you'll need more of your money to close and you'll qualify for less which means you'll have less options. If you have a 636 credit score, it's usually a matter of lowering a balance on one of your credit cards or a couple of them. It's a small price to pay to avoid the more expensive route.

I can tell you exactly what documents you would need, I would review it all and let you know exactly what you can do to improve your credit. The very system we use to pull credit also provides what's called a credit analyzer. This is a report that details what accounts must be paid off and how many points you'll increase by as a result. Once you make te payments, it's just a matter of days to issue a new credit report with a higher score. This is all officially reported at the bureau level. It really is a very useful tool. If you need a Loan Officer to Leo you, I'm super easy to get in touch with. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Wed Jul 10, 2013
Ruben,

The quick answer is yes, with a FHA loan and a minimum down payment. However with a credit score below 640 there may be additional items needed to get qualified. And the underwriter will carefully consider your file to determine if the risk is acceptable. As a different direction you only need 4 points to get to the 640 threshold and many times the steps to get there are just not that difficult.

Dave Jackson
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
davej@aflhomeloans.com http://www.aflhomeloans.com
BK # 0910057 NMLS LO ID # 284875
0 votes Thank Flag Link Wed Jul 10, 2013
Hello Ruben

yes you can i have a few lenders that can help you here is their information

Carlos Morales from Altera home loans c6027577716 or office 6029037598

Juan Marquez from Sun West mortgage Cell: 623-337-7558

you can email or call me for any questions you might have

thank you have a great evening
0 votes Thank Flag Link Tue Jul 9, 2013
Absolutely Ruben, please feel free to give me a call, trext, or email me so we can discuss options. My phone # 602-334-0510 Aaron.Cericola@gmail.com

To search for all current homes for sale text AZRE to 71441

I look forward to working with you in helping you find your new home!

I
0 votes Thank Flag Link Tue Jul 9, 2013
We do oans with a 620 FICO score. The are other consideration but you should be good for a loan. Call me at 623-340-0934M. I am locensed in AZ and CA.
0 votes Thank Flag Link Tue Jul 9, 2013
You are definitely a candidate for a loan. As a first time home buyer there are programs out there to assist you such as FHA. If you are a veteran, there is VA loans. Both can work with anything 620 and up. I would encourage you to get with a professional now who can guide you into the process. Most importantly, do not apply for any credit of any kind until you consult a lender and REALTOR. I would love to assist you in this process. Please consider talking with me to learn if I am a good fit for your journey to home ownership. I am a seasoned professional and take great pleasure in helping people such as yourself.

Rose Mullins, Associate Broker
Platinum premier Realty
602-796-1111
0 votes Thank Flag Link Tue Jul 9, 2013
Hi! Yes this is very possible. Please contact me at 623-297-9388 and I can provide you with some referrals who would be able to help you get pre-qualified. Best regards, Elissa Jeffries
0 votes Thank Flag Link Tue Jul 9, 2013
I do believe that you can get approved with that criteria. I can refer you to a few different lenders that can verify and prequalify you. I would love to work with you on finding your first home! Contact me and we can discuss this further. :) My name is Neesha Wolfe and you can reach me at (602)733-3223 or nwolfe@hsmove.com. Call, text, or email any time! I don't take on many clients so I can be very dedicated to helping you find exactly what you're looking for.
0 votes Thank Flag Link Tue Jul 9, 2013
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