There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)
Call me tomorrow and we can discuss. I work with Chase and can help you with this. Whatever your score is, we will either get you an approval, or figure out what we need to do to get you the approval. A 15 minute conversation will go miles in your search for financing.
Email me at firstname.lastname@example.org
Call me at 212-717-5902.
Chase Private Client Mortgage Banker
Thank you for your question.
The loan officer will guide you as to what it is needed for you to qualify. Your credit score is important as well as your work history and debt to income ratios. Those determine your ability to repay the loan.
Feel free to contact me if you need a few names of mortgage companies. I will be glad to provide them for you.
There are several programs for 1st time home buyers too.
Let me know if you have any other questions.
Ines De La Cruz, Accredited Buyer Representative & Certified Residential Specialist
To view all the homes in NJ visit http://www.inesdelacruz.com