Thanks all! I have a great realtor and mortgage broker and wanted to get some more feedback on this issue. I know that my mortgage application will knock a few points off every time my credit is run (after 3 times) my question was more geared towards AFTER I am awarded the loan, what will happen to my credit. I have plenty of available credit, upwards of $50,000 in unused credit, and I want to keep it that way.
This question relates to a very important fact that many new homebuyers ignore....or don’t think to consider:
see my blog post and comment with your tips for first time home buyers!
Well, I applaud you and your husband for your ambition toward homeownership. By my estimation, you would probably qualify, if you can find a lender, for a mortgage of $450.00, which translates to a mortgage of about $50,000. Unfortunately, your score is on the low end but the good thing is that you can always improve your score. You may even want to check with the three credit bureaus to make sure their information is accurate. You have the right to challenge any information on your report. This is where I would recommend you start. You should consult with a mortgage company or your bank for more information. Please understand my opinions are based on my experience as El Paso Realtor and may not be completely accurate because I don’t know what your debt/income ratio is.... more