looking for mortgage. Have a credit score of approx 630. Am self-employed, several years paid around 80k. have about 45K cash. Is it possible.?

Asked by Jim, Massachusetts Sat Aug 13, 2011

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Denise Savel…, , Las Vegas, Las Vegas, NV
Sat Aug 13, 2011

Some lenders will lend money to people with 620 credit scores and I've seen some lenders who go as low as 580. Everyone's situation is a different case so the best thing to do would be to work directly with a lender to get prequalified.

I have a team of lenders I work with and can refer you to them. Just email me or call and ask and we'll go from there.

The key is though that I think you should be fine from a lending standpoint but there's no way to tell 100% until you speak with a lender.

Hope to hear from you! My lender is standing by on Sunday's for prequalification phone calls. Just let me know.

Denise Savello
Coldwell Banker Wardley
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Scott Murphy, , 01876
Sat Aug 13, 2011
Hi, Jim.

Thanks for reaching out. Lots of good people here on the Trulia boards. Some good answers so far too. Let me offer you a licensed MA lender's perspective.

Your situation looks very possible as-is with a 630 score. You should also know that there are much better terms out there for you with a 640 FICO score. That's the threshold to open the door for the best loan terms. And I'm sure you want the best terms you can qualify for so let's take a look at that for you. Let's talk about what we can do to get you from here to there.

I live right in Danvers BTW, so we can talk more about this in more detail either over the phone or in person. Whatever works best for you. Here's the short version in the meantime. We have some elaborate resources here at Annie Mac Home Mortgage, including software which has the ability to analyze your credit and then recommend some specific moves we can make to help you make the jump the 640. We then have the ability to have you re-scored immediately without having to wait for the next natural reporting cycle. We can do it on the spot. It's actually pretty easy when you have the right resources like we do here. That's the short version.

We also want to do a proper pre-approval for you too. We'll iron out any wrinkles for you and we'll put together the program, rate and payment which are right for you.

Give me a shout when you're free and we'll get the ball rolling for you. 781-258-1293.


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Brenda Mavro…, Agent, Salem, NH
Sat Aug 13, 2011
Hi Jim,

Your situation sounds like a good scenario for home financing. You should speak with a lender or a couple of lenders to see what would best suit your needs. If you are looking for a home, I would like to help you as your buyers agent (no cost to you). Please call me at (978)697-3331. I will also have 4 single family homes in Peabody on the market very soon. I buy and sell in MA and NH.

Brenda Mavroules Brophy
Century 21 North Shore
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, ,
Sat Aug 13, 2011
Hi Jim

Its definitely possible. You will need to speak to a mortgage consultant who can review your scenario and provide your options. I work as a Mortgage Banker based in Mass and would be happy to answer questions and review your scenario at no cost.

please feel free to call/email me anytime.

-Steve Boucher
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David Cutler, Agent, Peabody, MA
Sat Aug 13, 2011
Hi Jim and thanks for posting! I am also self-employed and have been through the lending process many times. If your past 2 years of tax returns support the income you have stated you should have no problem. You have more than enough for a down payment and your credit score should qualify you for some programs. I would recommend talking to a mortgage broker that has access to a variety of loans and different lenders as every lender has different guidelines. Talk to Christopher Graves at Home Savings of America (Woburn, MA) http://woburn.hsoahomeloans.com/. He's great at just answering questions and explaining options without pressuring you into actually applying for a loan or committing to anything. They can also add back in some business deductions to your net income for self-employed individuals.

Good luck and let us know if you have any additional questions as you move forward.

David Cutler
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Michael Giles, Agent, Beverly, MA
Sat Aug 13, 2011
Hi Jim,
I offer a pre-approval assessment to all of my clients. We sit down with my in-house mortgage person to go over all of your options. It is important to understand all of the costs involved in a typical transaction.

My office is in Beverly, you can contact me through my proile if you want more details. --Mike
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Richard Shap…, , Framingham, MA
Sat Aug 13, 2011
It's possible. A lot will depend on what you show for income.
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Ruth and Per…, Agent, Los Gatos, CA
Sat Aug 13, 2011
Hi Jim

There are several programs out there.
Talk to a few good lenders doing FHA especially Mortgage Brokers.

If you have done a Short Sale or a Foreclosure in the last few years, then trite
Also lenders will ask to see you are tax returns as self employed.

If your return shows significant write offs and your net income is very low
Then you can fall into a debt to Income; Ratio issue.

Best to start with a very experienced Mortgage Broker.

Good luck.

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Scott Godzyk, Agent, Manchester, NH
Sat Aug 13, 2011
Jim the only way to know for sure is for you to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for.


Please see my blog for tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
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