Home Buying in Clermont>Question Details

Alex, Home Buyer in Peachtree City, GA

My wife and I have a FICO score of 700....Do we qualify to buy a home with the new lending requirements?

Asked by Alex, Peachtree City, GA Sun Feb 26, 2012

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You should based on the score; however, there are other factors that come into play. Debt to income ratios (DTI), money available for down payment, employment history. Check with a local lender, it's an easy phone call. Have basic information available for the lender such as your annual income and social security number so they can run your credit. Hope you qualify and can take advantage of the great rates!
1 vote Thank Flag Link Sun Feb 26, 2012
Elisa is correct your score is just part of the picture.
There are 3 parts to a mortgage:
willingness to pay (your FICO score)
ability to pay (your debt to income for housing and all monthly bills)
the collateral (the property)
You have shown by your FICO the willingness to pay but you need to speak to a loan officer on your ability to pay. This will give you a budget to work with.
Good luck!
0 votes Thank Flag Link Mon Feb 27, 2012
Alex, Please contact me to discuss your scenario. The 700 score is great but I need to know more info to qualify you.

0 votes Thank Flag Link Mon Feb 27, 2012
If you are a first time homebuyer (not owned a home in past 3 years) you may be eligible for up to $7,500 to be used for your downpayment and closing costs. You can check here and you must work with a lender on the Approved lender list so you may want to start with one of those lenders:


All the best,
Alma Kee
0 votes Thank Flag Link Mon Feb 27, 2012
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