Home Buying in 49120>Question Details

Terri Shaer, Home Buyer in Niles, MI

my husband and I are trying to buy our first home. His Fico 627, mine 579. Is there anyway we can get a Loan with those numbers? We live in MI.

Asked by Terri Shaer, Niles, MI Tue Jun 25, 2013

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You may need to boost your scores up before a lender would consider. If you have anything in negative on your report, they will likely tell you to pay it off before they will even consider. Best of luck, for now though speak with a lender and see what they say.
0 votes Thank Flag Link Fri Jul 26, 2013
Generally speaking a credit score of 660 will give you the best chance in getting a home loan. (It is however not the only thing a lender looks at). You could possiblly be approved now. I would be concerned about what rates you would get and how little of a loan that might be available though. A lender looks at the credit score to see what the chances are that you will default on a loan. If your score is 660 you have a 18:1 chance of defaulting. At 630 you have a 72:1 chance of defaulting. The score just increasing 30 points decreases the odds of you defaulting. It also has a huge impact on the interest rate you will get for the loan.
The first place to start is getting your credit report from the top three agencies. You are allowed to get a free credit report every 12 months. Do a thorough job of looking at the reports. If there are any discrepancies get them fixed. This is not an overnight process, so do not procrastinate. Also start saving any extra money right now. This will help you for your down payment which can help increase the amount of the loan you are eligible for. Not to mention start a trend of saving that lenders can verify. It can also help keep the interest rate down on the loan. I would also suggest starting to make constant monthly payments on any debts you have and trying to decrease your debt total. These two things can affect your credit score by 60 percent. Sometimes this process is slow moving but you have to think of the end result. Even if it takes a year to get your finances in order you will be working to better your chances, rates, and loan amount.
You can also go to a lender and they can let you know what is available at this time. They can also let you know what needs to happen for you to get a loan. Take a copy of your credit reports with you so the lender can give you better idea of what needs to happen.
The biggest thing is don't get frustrated. It can happen and you can do it. There are just some steps you need to do first. Please let me know if I can help. I know some great lenders that I work with who should be able to get you on the right track to homeownership.
0 votes Thank Flag Link Fri Jul 26, 2013
Not sure where in Michigan you live but I would be happy to give you a few names of lenders that I do business with. You can also check with your local bank or credit union. Not all lenders have the same programs. You may find one that works for you at one bank but not another. Depending on where you are looking to move you may qualify for what is called a Rural Development loan.
If you want more info email me, I will forward you the information.

Good luck
Pam Bava, Realtor
0 votes Thank Flag Link Tue Jun 25, 2013
Hi Terri! You're close but not quite there yet. I know a great lender that can advise you on the steps to take to increase your credit score. Give me a call and we can talk about it 269-362-5101

Tammy Anders
0 votes Thank Flag Link Tue Jun 25, 2013
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