Congratulations on the new car purchase! A score of 633 is right on the edge of qualifying for a mortgage. The best way to see what your options are would be to talk to a lender. When you run your credit online that score may be different from what a car dealership score would be, and a dealership score may be different than what a mortgage score would be. I have a great lender that would be able to tell you if a new home is an option with your current situation, and if it is not an option she will be able to help you come up with a plan to make it an option for the future. Please feel free to call or email me with any questions!!
It's a great time to be a buyer in Indiana. Prices are still low, and interest rates are below 3.7%. Most lenders like to see a credit score of at least 620. I recommend talking to a good lender that handles a wide range of mortgage programs, like Stonegate Mortgage or Academy Mortgage. Both have local offices here in Greenwood.If you would like their contact information, just let me know. If they will pre-approve you for a loan, than you're ready to go. Please feel free to contact me, if you have any other questions.I'll be happy to explain the whole buying process.As a buyer, my services to you are free. I'm in the Carpenter office at the corner of Smith Valley and US 31. My office number is 317-881-8100.
Have a great day Ryan!
I would speak both with a traditional mortgage lender (bank) and at the same time if you have access to a credit union I would advise you speak to them as well as they don't operate the same as traditional lenders do and may be more willing to work with you than a traditional lender.
I've attached a link below to a blog I posted here on Trulia earlier this year that might help you understand the effects of low credit on getting a mortgage.
I wish you all the best and don't get discouraged if you don't qualify for a mortgage, you're still young and to be congratulated on your forward thinking.