Home Buying in Wakefield>Question Details

dee, Home Buyer in Wakefield, Bronx, NY

i want to buy a house and take advantage of low interest rates. i have a credit score of 660 and improving. i work as an Rn and receive 3600 a mos.

Asked by dee, Wakefield, Bronx, NY Tue Aug 30, 2011

.Can i get a mortgage?

Help the community by answering this question:


It sounds like you could! The best thing to do is to talk to a local mortgage banker. They will be able to tell you what you can qualify for right now, and, if something needs to be fixed, they will tell you how to do that also. If you don't know someone, ask a realtor. They will be happy to refer you in the hopes that you will use them to find your new home if you DO qualify.

Good Luck!
1 vote Thank Flag Link Tue Aug 30, 2011

I am happy to tell you that there is no better time to buy than know, no one knows how long the interest rates will stay this low but I assure you they will rise. Your credit score is at a good number to be able to obtain a good mortgage. The best way to find out what interest rate you will receive is to schedule a pre-approval. This is the first step in the buying process. My office has a fantastic mortgage officer who we work with hand in hand and will be able to give you the best rate that you can possibly get. Please give me a call so I can give you some more information based on your question.
0 votes Thank Flag Link Sun Sep 16, 2012
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes Thank Flag Link Wed Sep 12, 2012
Referring on the information that you just provided it seems like you may qualify for a loan. But you need to find a Mortgage Broker or Mortgage Banker to help you raising your credit score because is low. Nowadays, the acceptable credit score is at least 700. Although, after your credit score has been raised in conjunction with your Assets and Income, and then your Mortgage Broker or Mortgage Banker will be able to evaluate the amount of loan that you may be qualified for. Eventually, right now is the perfect time to buy a House because the Real Estate market is still on the hands of the buyers. This ultimate are dictating it. The price and the interest rate in Real Estate are very low, therefore, you should take advantage of it. You have my benediction, get out there and start your buying process. If you need further information!!! feel free to call or to e-mail me and I will be more than happy to help you to get a House. Below is my contact information.

Kiamazulu M. Ferreira
Pantiga Group Inc.
Web Reference: http://www.pantigagroup.com
0 votes Thank Flag Link Sun Sep 25, 2011
Hello Dee,

Based on the preliminary information you provided it appears that your Income and Credit Score would be sufficient to qualify you for a mortgage. BUT, that's only the tip of the iceberg, as it were. The mortgage prequalification process involves a review of your Income, Assets, and Credit, or IAC, the building blocks of a mortgage loan approval.

Typically, an experienced and Licensed Mortgage Loan Originator would review your paystubs for the most recent thirty days, your last two years' income tax returns and W2 forms, and your bank statements for the most recent three months. Further, your MLO would review a Tri-Merge credit report with FICO (Fair Isaac) scoring from the three major credit bureaus. (Note that inquiries on your credit report for mortgage shopping have NO effect on your credit score within 30 days).

Get a personal referral to a Mortgage Banker from a family member, friend, or co-worker, preferably to a local company that works in the area where you wish to buy your home. Loan Officers who work for Mortgage Banks are required to be Licensed and you can verify their license at the NMLS Consumer Access website http://www.nmlsconsumeraccess.org

Experience counts in today's difficult lending environment so be sure you work with a seasoned professional. That's a person who can properly prequalify you and help you navigate the difficult waters of loan approvals in the year 2011. Your Loan Officer can recommend the best loan programs available based on your prequalifications to help you make your dream of homeownership come true.

Good luck to you on your search for your first home! Dreams really do come true!

Hope that helps!
0 votes Thank Flag Link Wed Sep 21, 2011
Visit with any loan officer(s), after reviewing your overall financial information, a determination on qualification can be made-- be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Tue Aug 30, 2011
We use your pretax income since your taxes will change when you buy a home. I would need to see your credit report since that is 1/3 of your mortgage approval.
0 votes Thank Flag Link Tue Aug 30, 2011
Actually, my monthly salary b/f taxes is 6,400, but i don't have any dependants, live at home with my mom and therefore my take home is about 3600 to 4000. i have a car note i'll have payed off completely by november and 38,000 in school loans left to pay off out of 60,000 and credit card debt of less than 1500 dollars which im paying off. although i do have some savings set aside for the house(about 15000), should i pay more of my school loans when im done paying the car note or continue to save for the house. i do appreciate your help. i would be the 1st in my family to purchase a house and don't have anyone to give me advice.
0 votes Thank Flag Link Tue Aug 30, 2011
Dee, your credit score is good enough for a FHA mortgage. Are you working full time? Are you making $3,600 take home? Your income is low for a RN and this will affect what you can buy. I suggest you speak with a mortgage officer to make a budget. Remember they will need to see your paystubs and tax returns to be able to tell you how much of a mortgage you can qualify for.
0 votes Thank Flag Link Tue Aug 30, 2011
Hi Dee,
A mortgage broker will look at your credit score (which sounds good), your income, and your debt to income ratio. Do you have a lot of monthly debt? For an FHA loan you will also need 3.5% for your down payment and you can ask the seller to pay your closing costs.
Good Luck!
0 votes Thank Flag Link Tue Aug 30, 2011
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