Home Buying in Brattleboro>Question Details

Cls1012, Home Buyer in Brattleboro, VT

What is the average credit score that you need to have to be pre-approved for a mortgage in Vermont? I have a pretty low credit score and about

Asked by Cls1012, Brattleboro, VT Mon May 17, 2010

$3,800 in revolving credit balances that I am hoping to have paid off in the next 6 months or so. My car was repossessed about 4 years ago, but I did get the car back and it is now paid in full as of January of this year. Our finances have been a bit of a rollercoaster with my husband being on disability for a period of time and then laid off, but fortunately, our finances seem to be turning around and we are looking to now get out of renting. I would appreciate any advice that you have before we go to apply for a mortgage. Thanks.

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4
Kevin McLaughlin’s answer
We always recommend that buyers first visit with the mortgage professional at the bank or creidt union where they have their checking account. They will pre-qualify you and let you know how much they will lend you.

If they can do the loan; any reputable mortgage lender can -

Good Luck!
0 votes Thank Flag Link Tue Jun 12, 2012
Conventional banks seem to want 640 to 700 to get approved with a decent rate. FHA is 580 the last time I checked with lower ratios. The repo on your car will not help. Credit unions are more understanding and cooperative. conatact me for more answers at info@rjohnco.com or 800.627.2484. Rick John, former real estate broker.
0 votes Thank Flag Link Tue Jun 12, 2012
Check with a good mortgage broker. Find out what your credit scores really are, and where they need to be in order to buy.

Good luck.
0 votes Thank Flag Link Mon May 17, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
You need to visit with any qualified loan officer(s) first, see exactly what your budget can handle and have your credit score checked--their scoring is often different--your loan officer may offer some great suggestions on how to best improve your credit score in the fastest time. Currently FHA loans do require a minimum score of 620 and 3.5% down--there may be some lenders willing to work with a lesser score however, the interest rate may be higher. In the meantime keep repairing your credit--pay all bills on time, dispute any negatives if needed, pay off old debt, pay down debt, keep credit cards below 50%, etc.
0 votes Thank Flag Link Mon May 17, 2010
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