Home Buying in 91764>Question Details

Whimsical8, Home Buyer in 91764

My credit score = 630; My fiancee's credit score = 562. Can we qualify to buy a home? We're in San Bernardino area, Southern California.

Asked by Whimsical8, 91764 Tue Nov 1, 2011

Help the community by answering this question:


I agree with Robert, speak to a mortgage banker, they can see what might be available to you. You can also check with where you bank or credit unions.
Web Reference: http://www.Dianam.com
0 votes Thank Flag Link Mon Apr 23, 2012
My advice would be to speak to a experienced loan officer and have them review your credit to find out why the scores are where there are. There are often small things you can do to quickly bump your score up. Feel free to call and discuss, 858-922-7899.

Also, can you qualify just on your income? Your score is fine to get a loan, it's your wife score that may be problematic.
0 votes Thank Flag Link Sun Apr 22, 2012
Depending on your amount of down payment, there is a possibility that you can qualify for a purchase. If you need any further assistance or a referral to a lender you can privately email me at Love2listyou@yahoo.com.
Hope this helps!
0 votes Thank Flag Link Sun Apr 22, 2012
Hi Whimsical8,

There are many loan options available depending on many different factors. At first glance you credit score doesn't scream "well qualified buyer" but depending on money down, loan type, and possibly was to clear up your credit quickly it could be possible. Contact a local lender to dig a little deeper and see what possibilities are out there.

Good Luck!
0 votes Thank Flag Link Fri Feb 10, 2012
The only right answer is that you need to speak with some mortgage brokers and let them run your information. Anything other than that is purely speculation.
0 votes Thank Flag Link Thu Nov 3, 2011
It is not only FICO scores that are taken into consideration when you are qualified to purchase a home. The other items that are considered in getting a loan include Job History, Income, Debt to Income Ratio, amount that you will be putting down, possible reserves and other items. As you can see it is an intricate process, however your question is a great question and as a new home buyer it is what you want to find out before you go shopping. Without the answer it would be like going shopping and not bringing with you any money, credit cards or debit cards.
Seek out a lender (you can go to where you bank and talk to them) or the lender that a lot of my clients use is Ed at Haven West Mortgage 909-223-8201. Talk to him, bring all of the documentation that is required and even if you are not able to purchase now, you can make a plan to be able to purchase in the future.
Once you qualify give me a call and we will go out find your new home and I will help you through the process.
Diana Margala 909-5600145
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Wed Nov 2, 2011
Hi there!

Right now, buying may not be your best bet. There are so many great rental homes out there that you can get into for much lower than a mortgage payment and not have to deal with the hassle and stress of trying to qualify for a loan and getting turned down time after time! You also will not have to deal with property taxes, homeowner's insurance, repairs, declining values...the list goes on and on.

Our company, Renttoday.us also has awesome rental programs that can help you improve your credit and save for a down payment. If you go to our website, at http://www.renttoday.us you will see many great rental homes in the San Bernardino area that are offering 2 year lease terms. This means you won't have to worry about a rent increase for 24 months! AND, if you make your payment on time each month at the end of your term you will recieve 5% cash back or 10% towards a purchase of any home you like! That's a great deal. We also work with a partnering company that offers free credit counseling and repair to our tenants who occupy thses special homes.

If you are interested in seeing what great home rentals are available, go to our website at http://www.renttoday.us or call 888.927.7266 and all the information is completely free.

Good Luck!

Mia Melle, Broker
Web Reference: http://www.renttoday.us
0 votes Thank Flag Link Wed Nov 2, 2011
It may be possible to get an FHA mortgage with those scores, but you have to meet a rigid qualification process. These apply to credit scores from 500 to 579.

• Purchase transaction limited to 90% LTV/CLTV
• Buyers must complete homebuyer education and provide the signed certificate for each
• Requires completed Verification Of Employment by employer
• Maximum ratios for a manual underwrite are 31/43 and the file must reflect two
compensating factors
• Verification of rent by providing 12 months cancelled checks or a VOR from a property
management company. If the borrower lived with a family member, borrower to provide a signed
budget letter.
• A letter of explanation for all inquiries and all derogatory credit regardless of the date. The
explanation must make sense and be consistent with other credit information in the file.
• Borrower’s credit history cannot include a late payment within the past 12 months on any
• Collections in excess of $1000.00 must be paid.
• Collections/Charge-Offs less than 24 months old and greater than $5000.00 will be reviewed
on a case-by-case basis and requirement for payoff is at underwriter’s discretion
• Non-occupying co-borrowers are not allowed
• Gift funds are not allowed

Please note that these are only some of the qualifications and does not suggest that meeting these will automatically qualify you.

If this sounds like you and you are patient and willing to go through a process including first attempting to improve your credit, feel free to contact me and I'd be happy to review your options.
Web Reference: http://TripointMortgage.Net
0 votes Thank Flag Link Wed Nov 2, 2011
Lenders use the middle score of the weaker borrower. If your fiancés middle score is 562 it will be tough to qualify. Your options would be to buy it in your name and income only or wait and work on improving both of your scores. Working on your scores will have long term benefit.
0 votes Thank Flag Link Tue Nov 1, 2011
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