The first order of business would be to review your credit report and see where we can improve your scores. Sometimes it may be as easy as paying down some credit cards and sometimes it can be more complicated than that to get you where you need to be.
We can offer FHA financing down to a 620 with 3.5% down so we should be able to accommodate your needs. We are a direct lender so we control the process from application to funding.
The Pre-Approval process is the most crucial part of the home buying process and in my opinion where a true mortgage professional earns his/her reputation. Please take a minute to read this about the Pre-Approval process: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr
That should give you a better idea of what to expect from a proper mortgage Pre-Approval. I would be more than happy to discuss with you in more detail on what your mortgage options are so please feel free to contact me at your convenience. My office is in Vienna so I would enjoy meeting with you in person.
Thank you and I look forward to meeting with you.
Elliott R. Oliva
Mortgage Banker | nmls#353884
Stearns Lending, Inc.
To follow-up on some of the remarks of my collegues, yes it is very likely you can get a mortgage with a credit score around 630ish. That being said could you possibly get better terms, a better rate, etc with a better score, it is possible. Also, a good lender will help you evaluate your personal situation. Though you may qualify for a mortgage, is it the right thing for you at this time. No one can decide that but you, but a good lender will give you the full picture and help you evaluate the pros and cons of buying now. We all know what has happenned over the last few years to those who jumped into buying a home too soon, or purchase over their budget.
Best of luck in your home purchase.
You should be able to move forward and take advantage of these low rates. Contact your financial expert, or contact your real estate agent, so he or she can refer you to a loan expert so you can get advice on your specific situation. Good luck!
Contact Nathan Elliott at First Choice Bank - 561-351-6809. Tell him I, Lynn Rubin sent you. Explain your financial circumstances and direction. There is a program that helps people get higher credit scores. He will be the one to guide you.
After you meet with a good lender like Elliott (who commented below) you should align yourself with a well versed, seasoned Realtor to have represent you as a buyer agent. You should look for someone with the ABR (accredited buyer representative) who has taken the time to earn this distinction.
At this point you should be able to march ahead with confidence and and your team of experts guiding you at every step.
If I can be of assistance..please feel free to contact me.
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Re/Max Distinctive Real Estate, Inc.
I would be more than happy to help you with that... request.. I have some contacts in the lender community who either can do it or give you some credit counseling... I am a licensed broker with alot of patience in 3 states.... va md and dc. I have also helped people to get homes no one else wanted to do .. it took some effort and patience but its doable if you want to work at it...
look forward to hearing from you
Associate broker REmax
Good luck with your search and let me know if I can help with your search for a lender and a home.
Julie Gray-Roller, Real Estate Consultant
Long and Foster Realtors, Reston, VA
It is definitely worth spending some time with a lender to review and advise with regards to your situation. I have some very good and dependable loan officers that can help. Please call me or email to discuss further.
The rates are still quite good and with the Spring market upon us the opportunities remain good. I look forward to sharing my 35 years worth of experience with you to accomodate you and your wife. 703-855-4632
LindaSellsNova@gmail.com Linda Sonnhalter, CRS, GRI RE/MAX Premier
Of course you can try to buy now! It's a great time for several reasons. There are many lenders, mortgage specialists, who would be happy to help you figure out your particular circumstances. I work with several financing companies and am happy to refer you. Please be in touch when you're ready to get started.
I wish you the best.
Thanks & regards, Sherry
Phil Goldberg, 703-912-9122, or E-mail: email@example.com
Hal Johnson, 703-507-1572, or E-mail: firstname.lastname@example.org
Good luck with that.
Don't worry there are systems out there that can get you to where you want to be very quickly, easily and they are extremely cost effective. I use them with my clients all the time and they allow individuals whose scores are in the low 500's to purchase within 6 to 8 months. With your score already being at 630 to 640, you are already ready to purchase but that slight nudge will give you greater latitude on a better interest rate. If you are ready to get going please inbox me so I can help you "Find Your Home of Choice".