Home Buying in Pittsburgh>Question Details

Tiffany, Other/Just Looking in Pittsburgh, PA

Questions about getting pre-approved?

Asked by Tiffany, Pittsburgh, PA Mon Apr 6, 2009

How do school loans affect your chances of getting approved? What if you have almost non existent credit and the other person has "ok" credit? What are the best places to get pre approved? Is there anything out there that helps First time buyers?
Any and all information would be greatly appreciated!
Thank you!

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Answers

4
You should sit down with a loan officer who will explain you credit report and the score. There are programs for First time buyers. You can have your parents to co sign to help you.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Tue Apr 7, 2009
There are programs for OK credit and non-existent credit, but before deciding on the program it is better to get an accurate assessment of your overall financial picture - credit, debts, savings, employment, and income. That is what getting pre-approved or pre-qualified is all about. The lender should gather the information you need, obtain a credit report, run your loan through an automated underwriting program, and work with you to find the programs you qualify for and the best fit for you. And if there are problems preventing you from finding an affordable mortgage, the pre-approval process becomes the starting point for developing a plan to fix those problems.
Student loans may be counted against you as a debt if you are no longer in school; if you have defaulted on student loans that may prevent you from using some programs, such as an FHA loan.
I encourage you to go through the pre-approval process with a lender - you have nothing to lose and everything to gain.
Ed Fallon
Lincoln Mortgage Company
efallon@linc-mort.com
484-841-6072
0 votes Thank Flag Link Mon Apr 6, 2009
Tiffany,

Thanks for your question. This question is definitely best suited for a mortgage broker or a loan officer at your bank. There is the $8k tax break for first time home buyers that must be used by the end of the year. Non-existent credit is the same as bad credit. You can pull your credit at freecreditreport.com for free 1 time a year which I recommend so you have an idea of the "ok" score. I am hearing that one has to be close to the 700s. I must again defer to somebody more qualified as I am just a Realtor. Hope this helps.
0 votes Thank Flag Link Mon Apr 6, 2009
Your best bet is to just go ahead and call a mortgage broker (company) to see where you stand on getting a loan. At best they will offer you information on how to build your credit or else you will be approved for one so its a no lose situation. You also want to make sure you are pre-aproved and not pre-qualified (there is a difference). Any of the larger banks can pre-approve you or most real estate brokers have mortgage companies as well. There is also a $8,000.00 tax credit for first time home buyers you want to ask your mortgage broker about. Don't be afraid to call a reputable mortgage company the sooner you know where you stand the sooner you can go find a home. Good Luck!
0 votes Thank Flag Link Mon Apr 6, 2009
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