Home Buying in Stamford>Question Details

morgera18, Home Buyer in Stamford, CT

how much would i be able to be pre approved for with a 45,000 a year income? credit score 634 with 3 payments made on my first credit card

Asked by morgera18, Stamford, CT Sat Nov 2, 2013

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Wende Foreman’s answer
Hi Here's one thought: A 634 credit score would qualify you for an FHA mortgage with very little down and higher debt to income ratios. You might need a rental history if this is your first credit card to qualify.
0 votes Thank Flag Link Sat Nov 2, 2013
Unfortunately, we do not know enough about your finances to tell you whether or not you can qualify for a loan. Since it's probably inconvenient and also unwise to post your entire financial background on here, it would be easier if you spoke with a lender directly to see if you can apply for a loan. The best thing for you to go is to shop around and speak with a lender. Lenders like myself would be glad to speak with you to help you get the loan that you need. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Thu Feb 13, 2014
My company specializes in helping people with difficult loans like low credit scores, self employment etc. we have partnerships with some of the largest lenders in America that offer loans (refinance and new purchase) with credit scores as low as 580. I'd love to help you purchase a home!
0 votes Thank Flag Link Fri Nov 15, 2013
There are many factors which go into a mortgage pre-approval. You definitely have options with you credit score and income, it's simply a matter of understanding your scenario in greater depth so we can pinpoint your pre-approved loan amount. I'm sure you have many questions, all which I'm more than happy to answer. Please call me at your earliest convenience to ensure you receive the most accurate, up-to-date, and honest information.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
0 votes Thank Flag Link Mon Nov 11, 2013
I would like to second what John Juarez stated.
First contact your local bank that you bank with but also speak with a broker. You may not be able to buy immediately but working with a mortgage professional will get you on the right track.

I think you need at least a six month financial plan.

Also if you are paying rent make sure we can document it by paying with checks.

Also look into the program offered by the state of CT called CHFA. It is perfect for first time buyers.

Wishing you the best of luck.
0 votes Thank Flag Link Sat Nov 2, 2013
You need to talk personally to an experienced local mortgage professional. You may get some hint of your ability to qualify for a mortgage by shooting a question over the internet but that will be of little help when it comes to writing an offer on a house that appeals to you.
0 votes Thank Flag Link Sat Nov 2, 2013
Hello Morgera18,
I suggest that you speak to a few mortgage lenders/bankers to determine how much you would qualify for a mortgage. Lenders differ on their fees and may offer different loan packages so it's best to shop around for your loan.

Best wishes!

Laura Feghali
Berkshire Hathaway HomeServices New England Properties
0 votes Thank Flag Link Sat Nov 2, 2013
Contact a mortgage broker or a bank and request that they pre approve you for a mortgage. Jim Hanrahan with NEmoves mortgage can do this for you. You can contact him at jim.hanrahan@nemoves.com. He works with many Coldwell Banker agents. Only a licensed broker or a bank can approve you. Please note that pre approval depends on the information you provide. Make sure all information is accurate and up to date. The amount of your down payment can also effect your mortgage amount.
0 votes Thank Flag Link Sat Nov 2, 2013
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