Home Buying in 14224>Question Details

gracemci18, Home Buyer in Buffalo, NY

My credit score is 640 first time home buyer do I have a chance of buying a house or should I wait LOOKING INTO A FHA LOAN what credit score do u

Asked by gracemci18, Buffalo, NY Sun Jun 24, 2012

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16
Yes you get a loan now.I tell all my clients with lower scores to visit The Lenders Network, They have helped me close many homes by getting my clients approved even with scores under a 600. So if anyone can get you a loan they can..

Good luck
3 votes Thank Flag Link Mon Oct 28, 2013
Thanks Jessica!
Flag Wed Jun 4, 2014
You should be fine, As long as income and debt ratios and income history, look good, you should be ok.

You are gonna need a more detialed review to know for certain, Dan Arcadi Century 21 Mortgage 1-315-947-6226, will provide you a pre-approval at no obligation if you are interested in knowing for certain, best place to start.

There is a link on my website as well, do not hesitate to contact me at 716-864-7863 if you have any other questions, good luck.
Web Reference: http://www.c21jerry.com
1 vote Thank Flag Link Sun Jun 24, 2012
Listen to Jerry! Dan is a perfect person to talk to about what you may need or requirements are. Dan can best advise you on the requirements and our office is best fit to help you find your first home!
Flag Sun Jun 24, 2012
Credit score isn't the only thing that lenders look at, so contacting a mortgage banker is really the best thing to do at this point. If you are already working with a Realtor, he or she should be able to refer you to someone who can review your financials and pre-qualify you (or help you develop a plan to get your financials where they need to be).

If you need a referral to a great mortgage banker who is great at finding the best mortgage loan products for each buyer, let us know!

Jennifer Maxian and Michael Culeton
The Maxian Culeton Team at HUNT Real Estate ERA

Jennifer - (716) 946-6112 - jennifer.maxian@huntrealestate.com
Michael - (315) 402-0208 - michael.culeton@huntrealestate.com
0 votes Thank Flag Link Fri Jun 13, 2014
Have a professional tell you where you stand as far as credit and financing. They usually offer a free consultation and can inform and advise as to what your financial capabilities are.

It's always better to know than to assume.

Jess Cimino
HUNT Real Estate ERA
716-809-8418
jesse.cimino@huntrealestate.com
0 votes Thank Flag Link Tue Jun 3, 2014
You should find a good lender, and your score is pretty ok. Wish you good luck!
0 votes Thank Flag Link Fri May 23, 2014
A higher credit score is definitely an advantage. But, don't let it rule your home search. There are many things you can do to raise your score. And keep in mind there are other items lenders look at when qualifying you for a mortgage. Shop around to different lenders.
Jeannette Sutter
716-997-2420
jeannette.sutter@huntrealestate.com
0 votes Thank Flag Link Fri May 23, 2014
Honestly, you can contact multiple lenders. They should try to work for you as far as, getting the best rate available, and terms that fit you. Multiple lenders go by all different standards, so some of the replies are correct. However, you should go with whom you feel comfortable. FHA is usually a 620 Credit Score. Also in the Western New York area, their are First Time Home clubs, that will match you dollar for dollar in most cases. First Niagara Bank, as well as M&T Bank both have programs. The programs normally require you to attend classes, and deposit money in an escrow account between 8-12 months. But doubling your funds for closing is a pretty good deal. I provided links below. https://www.mtb.com/aboutus/community/Pages/FirstHomeClub.aspx
https://www.firstniagara.com/Borrow/Personal/Mortgages/Loans…
0 votes Thank Flag Link Thu Oct 31, 2013
Honestly, you can contact multiple lenders. They should try to work for you as far as, getting the best rate available, and terms that fit you. Multiple lenders go by all different standards, so some of the replies are correct. However, you should go with whom you feel comfortable. FHA is usually a 620 Credit Score. Also in the Western New York area, their are First Time Home clubs, that will match you dollar for dollar in most cases. First Niagara Bank, as well as M&T Bank both have programs. The programs normally require you to attend classes, and deposit money in an escrow account between 8-12 months. But doubling your funds for closing is a pretty good deal. I provided links below. https://www.mtb.com/aboutus/community/Pages/FirstHomeClub.aspx
https://www.firstniagara.com/Borrow/Personal/Mortgages/Loans…
0 votes Thank Flag Link Sat Sep 21, 2013
Hello Grace, the best professional person to help you with your financing needs and I know she will give you the appropriate information regarding the FHA loan financing. Paula Kay with 1st Niagara she can be reached by cell# 316-6655 or her email is paula.krzyzanowski@fnfg.com. If you need anything further I would be glad to help you with any of your real estate needs.
0 votes Thank Flag Link Tue Jul 30, 2013
REDUCED $39,999......This Incredible 3bedroom 1 bath Single family house that the value found in this totally restored home located in this re-energized and resurgent Fruit Belt ( The New UB 2020) neighborhood! So much work has gone into this house including: New Roof, siding,furnace with a humidifier,hot water heater,plumbing, kitchen cabinets. This house is a looker it has freshly painted living room,dinning room, 2 bedrooms and bathroom. it is move in ready with $1000 or less of repairs.there is a additional room on the first floor. The laundry is on first floor off the living room. oversize bathroom.Fenced in yard this property is 75 x 100...This house is a investment property that is section 8 ready for move in or it is a cozy first starter home. This property has a fenced in alot that is included into the price, so there is 2 properties for the price of one......
Call (716) 247-3489 Serious reply's ONLY!!!!
0 votes Thank Flag Link Tue Jun 25, 2013
I went with Citizen's Bank. If you call the Elmwood branch and ask for Kevin Petho I'm sure he can direct you to someone in your area who can help you out. Kevin was amazing!!!!! I've been with Citizens for my banking since '05 and have never had an issue on their end. When my Paypal got hacked and I have over $1000 stolen they worked tirelessly to help me get everything worked out and really came through for me. I speak highly of them all the time.

My friend, and now neighbor, went with M&T - as he does his banking with them - but again it was a city branch. I'm unsure which specific person he dealt with.

We both had relatively good, easy experiences with our lenders. As I stated before I had an AWFUL time with HSBC (though with their recent pull out of the area I'm unsure if they even have any lending offices open locally now). I thought several of the non-bank mortgage companies I talked with, including First Priority (also suggested to me by the agent I used when house shopping the first time - coincidence? I think not), did NOT offer the full range of FHA loans that banks offer. They also had much higher interest rates on some of the loans they offered than the bank equivalent. A lot of those "mortgage firms" are in business for one purpose - getting you a loan that they make out to be a good deal because they assume you can't or won't shop around - and don't really care about your customer service experience or if you get the loan that is right for you. Banks are often more concerned with your overall financial picture and want to do a good job on your mortgage in hopes of securing you as a customer for their other products (savings, checking, credit, home improvement loans, etc). They also have much more publicly visible reputations that they are concerned with and really don't want bad word of mouth when it comes to their products.

Another thing to keep in mind - a lot of banks offer "first time homebuyer savings accounts" wherein they will match a certain amount of your money with their own, for FREE. Some of them will earn you over $5k this way! I'm unsure if Citizen's Bank does something like this because the time table I was buying my house in was too short to do one of these programs (which usually require a 6 month to a year commitment). You can save up a lot for downpayment and legal fees this way! Also, I took advantage of a HUD grant that was facilitated by the city. I'm unsure if anything like this would be available in the West Seneca area as they have less trouble attracting new homebuyers than some parts of the city. It never hurts to check around though if you have an income under $35k for a single person - there are all sorts of grants out there to help with closing costs.
0 votes Thank Flag Link Sun Oct 14, 2012
need a good mortgage broker..First time home buyer!!!! Help...West Seneca NY
0 votes Thank Flag Link Sat Oct 13, 2012
I work with a few really good funding people. email me and I will give you their info. TeriRoskwitalski@gmail.com
Flag Wed Jan 16, 2013
Oh, also I learned the hard way that many agents "work" with certain banks and credit lending agencies. I won't come out and say they get a kick back, but they definitely have connections with certain people and will encourage you to work with them even if they aren't offering the best product or customer service. Look into things yourself - do research on loan types, interest rates, etc and talk to as many regular people as you can about who they got their mortgage through and what their experience was like.

I went through HSBC for my first attempt at buying a house (the owner violated the terms of the contract, so I backed out) and they were a NIGHTMARE to deal with. The loan agent called me non-stop until I picked a house, then the second I signed my loan contract she disappeared. I was hounding people at their loan office constantly to get stuff done, and the whole process was behind due to basic, silly mistakes. I also had a horrible time with SONY MA during this process - the bank was facilitating the loan - who made me jump through hoops of fire and repeatedly lost my paperwork. My time with Citizens's Bank and FHA have been VERY smooth, but this is just my experience - ask around and find out! Come to a decision based on MANY opinions.
0 votes Thank Flag Link Tue Sep 11, 2012
Thank you so much for sharing this with me! I am doing my of research and actually my bank is Citizens soooo...maybe I will try them First.
Flag Wed Sep 12, 2012
My friend, and now neighbor, bought a house easily with a credit score very similar to yours. If you are employed full time, are at least lower middle class for your area ($30k-ish for Buffalo is lower-middle class), and don't have a huge amount of non-college debt you shouldn't have a problem. At the worst you may be asked to put a little more down up front or get a relative to co-sign, though either of those scenarios are highly unlikely. I did get a FHA loan, but not because of my credit - at the time I had a 730 to 770 (depending on which of the three major scoring agencies you believe). FHA loans are actually overseen by a bank of your choosing (I went with Citizen's Bank) but to my knowledge the loan can never be sold or transferred so you don't have to worry about it getting tossed around from company to company. They offered the best interest rate at the time and some of their loan options are more streamlined than those directly from the bank. They also have more options for lower-middle class incomes and have plans to encourage people to buy in low-income census tract neighborhoods (which can get you an even lower interest rate).
0 votes Thank Flag Link Tue Sep 11, 2012
call first priority mortgage - ask for patti or diane - 716-651-5626. there are a number of great products available for you - even for a home that needs work there is a 203k product that rocks!!

their customer service is incredible and pricing can't be beat.
0 votes Thank Flag Link Tue Jul 17, 2012
There are other factors besides credit that determine mortgage qualification, such as income, credit, etc.; therefore for a personalized answer regarding qualification, visit with any licensed loan officer.
0 votes Thank Flag Link Sun Jun 24, 2012
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