Home Buying in Greenville>Question Details

Gabriel Ortiz, Other/Just Looking in Greer, SC

Will a score of 640 be enough to get approved for a mortgage loan. No money down.

Asked by Gabriel Ortiz, Greer, SC Mon May 13, 2013

My Wife and I make about 60,000 annually but I just started working full time again since December 2012, been a stay at home dad for the last few years before that. W ould that be a concern.

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Beth Wietrzykowski’s answer
It depends on how long you have been employed and how long your wife has been at her current place if employment. Generally, lenders like to see steady employment, consistent and timely payment of bills and no recent credit card applications or major purchases like cars. The best thing for you to do is speak to a reputable mortgage broker. He can tell you if you do qualify, for how much and what your monthly payments would likely be.

If you aren't quite there, he will tell you about how long you have to go, what bills (if any) you need to pay down and what you need to do to work toward your goal. You have a good score, so that will help.

Feel free to call me and I will point you in the direction of a reputable broker.

0 votes Thank Flag Link Mon May 13, 2013
Hi, Beth, thanks for the reply. I'm actually, well kind of working with a local broker at the moment. He is actually a good friend of a close family member of mine. He's been helping clean up my credit a bit and has been able to get my score up to that number. The only thing I worry about now is that I just recenlty started working full time again since December of 2012. I was at home for a couple of yeras taking care of our son. Will that hurt my chances.
Flag Mon May 13, 2013
Maybe.... If you use the right lender, Talk to a broker first that actually has lenders that can first get a 580 score approved and closed. I would recommend the lenders network, if any company can get you a loan they can. I have had clients with under a 580 score get approved and we closed within 30 days... Brilliant real estate minds with a ton of lending contacts.

Good Luck!
0 votes Thank Flag Link Thu Jul 18, 2013

As Beth mentioned, you should contact a reputable lender to review your mortgage options. There are several factors that come into play when getting approved for a loan. The "no money down" part of your requirement may be a challenge. Most of the 100% loan programs are gone unless you qualify for a VA or USDA loan. A FHA loan requires 3.5% down or you may be able to get a conventional loan with 5% down. You will also need to factor in money for your closing costs.

Best regards,
Dan Simon, Realtor®
Carolina One Real Estate
Direct #843-303-1464
0 votes Thank Flag Link Mon May 13, 2013
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