Home Buying in Philadelphia>Question Details

FTHB, Home Buyer in Philadelphia, PA

Would I qualify for a mortgage with a credit score of 753 and $10,000 total for a down payment?

Asked by FTHB, Philadelphia, PA Mon Oct 22, 2012

I am a first time home buyer, interested in purchasing a home in NE Philadelphia.

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Only a qualified Loan Officer can tell you for sure. Lenders lookat Credit Score as only a part of the equation. Also important are the ratio of total payments on your debt to your total income. Generally, lenders use two rations:

The Front Ratio is approximately 30% of your GROSS Income, before taxes and deductions. Most lenders willnot approve youfor a payment larger than that number.

The Back Ration adds al your payments on any obligations with more than 10 payments remaining. Combined with your house payment,that number should not exceed about 50% of Gross Income before deductions. Here is a good calculator you can use: http://www.bankrate.com/calculators/mortgages/ratio-debt-cal…

Of course there are some individual variables. Ask your agent to recommend a strong local lender who will work with you to your best advantage. Local lenders know that in order to keep their reputation,they have to be competitively priced, good communicators, and show up on time for closing. E-lenders are notorious for doing none of the above.

Good luck,

Doc Stephens,REALTOR
0 votes Thank Flag Link Mon Oct 22, 2012
Thank You for your response.
Flag Tue Oct 23, 2012
Yes based on credit score . They will also look at your employment. I am an accredited buyer representative and hold ABR designation . You can look up listings of homes for sale on my web site http://www.gitabantwal.com
You can look up resources for buyers on hud.gov including information about financing,credit counseling, names of lenders etc.
lenders will quailfy you based on income and debts .
0 votes Thank Flag Link Mon Oct 29, 2012
Hello,
Please contact me at 215-327-8104 so we can discuss this further.
Kathy Hanigan
Broker
0 votes Thank Flag Link Sun Oct 28, 2012
Yes. You could finance with either an FHA loan and 3.5% down or a conventional loan and 5% down. You should get pre-approved by a lender and familiarize yourself with a seller's assist because you will need one to cover your closing costs.

For more info visit http://www.CenterCItyTeam.com

Frank L. DeFazio, Esquire
Prudential Fox & Roach, Realtors
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
Frank@CenterCityTeam.com
http://www.CenterCityTeam.com
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
Congratulation on a pretty good score. As a first time buyer, you may qualify for a low down payment, I think it is 3.5% of the value of the house. However, I need more info to give you better answer. Call me, or email
Thank you and good luck,
Barb. Tomaszewski, agent
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
Yes, your good. It is pretty simple but the system makes me write 25 characters to answer the question.
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
Hi
You have a good credit score but it will depend upon the value of the home as well as any monthly obligations (debt) you may already have.
If you would like, call me and I'll discuss the buying process a little more.
Thanks
Kevin Reddington
Prudential Reddington Realtors
267-763-0607
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
You should have no problem qualifying at all. If you would like help with the process you can reach me at 267-228-3910 or nicksylvestro@aol.com
Nick Sylvestro
Associate Broker
Remax Access
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
Hello FTHB,

Well its a good start that you have a good credit score and a down payment. If you have a job we need to look at your proposed debts as a percentage of your monthly income to see if you qualify.
You do need to speak with a mortgage proefessional to see where you stand.
Give me a call at 267 92 7276 and I will get you pre-qualified for a mortgage.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
You would most likely qualify for a loan with that good credit score but it really depends on the loan to value ratio. How much is the house?
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
From a credit standpoint you qualify. Depending on what type of loan program and price range of house you may have enough cash down as well.As suggested you should talk to a reputable loan officer to discuss your options. Other factors that will play into the scenario are income/job stability and overall debt commonly referred to DTI (Debt to income). I typicically advise potential buyers to talk o whomever they do their banking with first or give them a few names of people I know and trust in the mortage industry. Hope this help and good luck! Feel free to contact me directly with any further questions or concerns.
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
Hi, I love assisting first time home buyers!

A credit score of 753 and down payment of $10,000 are great, but getting prequalified also takes into account your income, length of employment, etc. Once you are prequalified, then we will know what price range you can look in.

I have a GREAT GREAT GREAT mortgage guy. Let me know if you would like his contact info.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
267.507.2287
axelson@kurfiss.com
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
Sounds to me that you are off to a good start. There are some other factors that will come into play besides down payment or reserves available and your credit score. Your best bet is to have a conversation with a reputable loan officer to go over your options.
0 votes Thank Flag Link Mon Oct 22, 2012
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Flag Tue Oct 23, 2012
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