Home Buying in Chicago>Question Details

Michael, Home Buyer in Joliet, IL

i have a 647 credit score, with 7k current debt, 6k from my car loan. I make 90k per year, is it possiable to

Asked by Michael, Joliet, IL Fri Apr 17, 2009

get aproved for a first time home buyers loan, what would i have to do to meet requirements?

Help the community by answering this question:

Answers

8
Michael:

Based upon your information, it appears you would be able to qualify for a loan. It all depends on your downpayment, just as the previous response stated. If you are a Veteran with your Certificate of Eligibility you can have a 'No Money Down' mortgage (VA loan). If not, we can still help you on the mortgage side, or if you are not able to come up with a downpayment (3.5% of the purchase price) I recommend our Rent To Own option - http://www.suburbanrtohomes.com. A few years ago we realized that all the 'crazy no money down' mortgages were going away, so we started our rent to own program. Check out our website at http://www.suburbanrtohomes.com - 100% of your rents are applied to the downpayment, all our homes are rehabbed, and they come with brand new stainless steel appliances and new washer and dryer.

Kurt Clements
GSF Mortgage
3933 75th St
Aurora, IL 60504

http://www.suburbanrtohomes.com
http://www.gsfgovernmentloans.com

kclements@gsf-mortgage.com
3 votes Thank Flag Link Fri Apr 17, 2009
Based on your credit score, income and debts you will qualify for a loan. Depending on how much money you want to put down will determine whether you will have a conventional loan or an FHA loan. The minimum down for an FHA loan is 3.5%.

If you are looking to get qualified I can certainly help you with that

David Cruickshank
Ardain Mortgage Corp.
847-354-5455
davidc@ardain.com
2 votes Thank Flag Link Fri Apr 17, 2009
thanks for the answers! My lease is up in june, would it be better to wait, renew my lease for 6 months, and raise my credit score along with my down payment? Or try to buy now with 8k saved? Looking to spend around 200k in the plainfield or tinleypark area. Should have 20k around december, along with a 15k per year raise from work.
1 vote Thank Flag Link Fri Apr 17, 2009
Hi Michael,

As soon as you get your pre approval letter, a must in today's market, I could get with you to find out the specifics your are looking for in a home and email some properties to you. Feel free to contact me at the e-mail address below.

Have a Great Day!
Tim
tfitzgerald@c21proteam.com
815-353-1901
1 vote Thank Flag Link Fri Apr 17, 2009
Yes, we can get you a loan. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
Yes you can get approved with a 647! You probably don't need to get your scores up anymore. There are Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either. If anyone can you get approved they can!
0 votes Thank Flag Link Fri Aug 16, 2013
HI MICHAEL,
I AM A REALTOR WHO IS VERY FAMILIAR WITH THE AREAS YOU WILL BE LOOKING IN TO PURCHASE YOUR FIRST HOME. PLEASE FEEL FREE TO CONTACT ME IF THERE IS ANYTHING I CAN HELP YOU WITH. YOU CAN VISIT MY WEBSITE AND SEARCH THE MLS FOR PROPERTIES IN YOUR AREAS.
YOU SHOULD HAVE NO PROBLEM GETTING A FIRST TIME HOMEBUYERS LOAN. YOU HAVE MANY OPTIONS TO LOOK AT. I CAN HELP YOU THROUGH THE PROCESS.

HAVE A WONDERFUL DAY,
NICHOLE LATHUS
MCCOLLY REAL ESTATE
TINLEY PARK, ILLINOIS
708-646-6533
0 votes Thank Flag Link Sun Apr 19, 2009
20K down can put you in a conventional loan but you will still be paying PMI. Waiting may be better but it really is up to you. The benefits of buying now are the 8K tax credit for first time home buyers as long as you buy before December 1, 2009 and when you start paying a mortgage you can deduct interest on your taxes which you can't do with rent. If you would rather wait and buy later that is also a valid option. Bigger down payment, better credit score and more income will get you into some programs that may be better financially in the long run.
Good luck and let me know if I can help.
0 votes Thank Flag Link Sat Apr 18, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer