Hope, Home Buyer in North Kennedy Tract,...

my cred score is 650 have 10%down paymnt, do you think i'll be approved? i have steady job would like to buy in oaklnd prefer west 1st time

Asked by Hope, North Kennedy Tract, Oakland, CA Mon Jul 11, 2011

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Hi Hope, me again:)

Sounds like we need to talk. There are so many loan options out there a lender really needs to see your entire financial picture to know what rate they can offer you.

From what you have mentioned above, yes, you should be able to get a loan.

One option is an FHA loans where you only need 3%-5% down. Plus don't forget you also need closing cost when you buy a home. :)

Once you know how much you qualify for, then you can see if there are homes in your price range you would be interested in buying.

You are asking really good questions and you sound like you would really like to buy a house. Hope to hear from you, you seem like a client I would be happy to work with. Buying a house doesn't have to be overwhelming. Hope I can help you navigate through the process. Take care.
0 votes Thank Flag Link Tue Jul 12, 2011
Hi Hope,
You should speak with a loan professional who works with the Oakland loan programs. If you're a first time home buyer looking in West Oakland, you may qualify for MAP and/or MCC's. One of my clients was recently able to leverage these programs and she was very satisfied.
Feel free to contact me if you have questions or need a recommendation for a loan officer.
Sincerely,
Liz
liz@lizmcfarland.com
0 votes Thank Flag Link Mon Jul 11, 2011
Credit score is but one of many aspects of mortgage approval. A 650 credit score with 10% down payment does not disqualify you from financing, so I would encourage you to complete an application to see if you meet the remaining criteria. Please let me know if you need assistance.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Jul 11, 2011
For an accurate answer, visit with any loan officer; after reviewing your overall financials a determination can be made, then go from there...
0 votes Thank Flag Link Mon Jul 11, 2011
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