Home Buying in Burlington>Question Details

Dlouis, Home Buyer in Mount Holly, NJ

Would like to buy a house soon, credit's not the best, working on improving it to high 600's to low 700's.?

Asked by Dlouis, Mount Holly, NJ Sun Jun 17, 2012

Currently makes $55K. Will I be able to get approved for a mortgage?

Help the community by answering this question:


Hi Dlouis,

You may want to consider an FHA Insured mortgage. This is a government program designed to help people with fair or poor credit qualify for a mortgage. Under this program, the government insures the loan, allowing the bank to take less risk. Please contact me, I would be happy to assist you.
0 votes Thank Flag Link Mon Jun 18, 2012
Even with a low 600 score you can obtain a mortgage if your debt to income ratio along with other factors qualify. A qualified mortgage broker/lender would be able to tell you if you qualify and for how much. If you are looking in the Mt Holly area, or surrounding towns, quite a few of them qualify for the USDA no money down program, so this might be something that will work for you. I work in the area, and live in it as well, so please contact me if you want any specific questions answered or assistance in navigating the process. My mortgage guy is great and that is definitely the first step you should take ... speaking with a mortgage person. Feel free to email me directly at nicky.faucett@prufoxroach.com
0 votes Thank Flag Link Sun Jun 17, 2012
I would suggest you contact a mortgage broker. They have more mortgage products available to them than the banks. They therefore have a little more flexibility in credit scores and other factors that lenders take into account.
0 votes Thank Flag Link Sun Jun 17, 2012
As this is the area I work in I work with a lender that does not require 640 and can assist with reviewing your credit report an do what's called a rapid rescore to show you what your credit score will be based on correcting certain things. If you need assistance please email or call me.
Web Reference: http://Www.njrealtorjan.com
0 votes Thank Flag Link Sun Jun 17, 2012
Thanks Janet!
Flag Sun Jun 17, 2012
I think it sounds reasonable. It will be important that you can document your income.
0 votes Thank Flag Link Sun Jun 17, 2012
Deborah Madey, Real Estate Pro in Brick, NJ
Hey Dlouis. Most lenders require a 640 credit score right now. If you have that (sounds like you do) and you make that much money, I would say that your chances are good. Contact a local lender and they can tell you if you can qualify or not.

Good luck to you!
0 votes Thank Flag Link Sun Jun 17, 2012
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