Home Buying in Grayson>Question Details

Crissy, Home Buyer in Grayson, KY

me and my husband are wanting to buy a house we are first time home buyers and he makes about 5000 a month and his credit score is 589 do we qualify??

Asked by Crissy, Grayson, KY Tue Sep 28, 2010

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3
Crissy,

You are very close. I would suggest you meet with a qualified lender that specializes in first-time home buyers. They will be able to get you where you need to be to move forward. I have seen credit scores raised in a very short period of time with the right council.

Linda
Web Reference: http://www.lindacefalu.com
1 vote Thank Flag Link Tue Sep 28, 2010
QUICK LESSON IN CREDIT: If you haven't already, you will want to go to http://www.optoutprescreen.com. Register there to have your name removed from junk mail solicitations (all of those "You May Already Be Approved" credit cards). This helps your credit score by telling the bureau that you are not desperate and awaiting the opportunity to get more credit.

A credit couselor can advise more based on your individual circumstance, but I have seen this raise scores from 5-30 points in 30-45 days...and its FREE.
0 votes Thank Flag Link Wed Oct 13, 2010
I agree with Linda. a 589 credit score is not the best when your applying for a mortgage loan. A 620 score is a better starting point. Freddie Mac just reported that the average score for loans done made year is a 751 and 48% of all Americans have a score of below 621. However, that score can sometimes go up very quickly with just a few suggested credit modifications. Don't just call any ABC Lender and expect you'll get the best loan officer that can help you. Get several recommendations and then interview them. Don't just shop rates and closing cost, you want a loan officer who will take the time needed to council with you and help you get approved. Make sure your comfortable that they can help you get approved for a loan. Good luck, it sounds like you well on your way.
0 votes Thank Flag Link Tue Sep 28, 2010
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