Both my wife and I are first time home buyers. My Fico score is 735, and her score is 637. What is the likely hood that we would qualify for a loan?

Asked by enriquetirado, West Palm Beach, FL Tue Oct 16, 2012

As I said my Fico score is 735 and has fluctuated from 747 to 735 for over a year. my income (net income) is from 2 part time jobs and comes up to about $663.69 monthly for a yearly income of $7964.28 . My wife has a score of 637 and has worked for her employer for over 6 years and makes (again net income) $1,518 a month for a yearly income of $18,216. We have $15,000 saved and installment and revolving debt are at $0.00. I qualify for a VA loan and we are looking to qualify for a 170,000 to 200,000 loan wanting to buy in west palm beach. Is that a possibility in today's market? I don't want her credit score to go down because of a hard inquiry and still not be approved. And I am also looking for a reputable mortgage broker in the west palm beach area?

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Juan F Valencia’s answer
Juan F Valen…, Agent, Lake Worth, FL
Wed Oct 17, 2012

Buenas tardes como estas? bueno, para responder a tu pregunta, los puntajes de credito de ambos esta bien para calificar para un credito sea FHA o Convencional, ya dependiendo de la cantidad que van a dar de cuota inicial.
Lo importante aqui es tener una precalificacion con un Banco o Broker de prestamos para saber, de acuerdo a los requerimientos de deuda sobre ingreso (DTI debt to income ratio) la cantidad a la que podrian calificar. Siempre le recomiendo a mis clientes que el primer paso es saber esto ya que de ahi sabremos en que tipo deporpiedad buscar y en que rango de precio basado en la aprobacion.
Lo que podria hacer para una precal;ificacion es un par de cosas:
1.) Ir a su Banco donde tiene su cuenta y preguntarles si hacen prestamos hipotecarios y preguntarles acerca de terminos e intereses antes de que les de su informacion completa para que lo precalifiquen.
2.) Normalmente nosotros los Realtor sabemos de agencias y/o Brokers de prestamos confiables para que le puedan hacer la precalificacion, que en este caso, lo que ellos hacen es que con solo correr su credito una vez, ellos pueden analizar con diferentes Bancos prestamistas, cual es la mejor opcion para ustedes.
3.) Pregunatr a algun amigo o conocido si han tenido alguna experiencia de prestamo hipotecario con algun Banco especifico y si fue positiva para que les ayude a elegir cual es la mejor opcion de escoger para ustedes.

Espero que mi respuesta le ayude un poco a aclarar sus ideas y por favor, cuente conmigo para lo que necesite, hablo ingles y español y estoy disponible 24/7 para cualquier cosa que necesite en su proceso de compra de su vivienda. Tengo mas de 7 años de experiencia en el mercado y se que lo voy a asesorar de la mejor manera y siempre buscando los mejores resultados para ustedes como compradores.

Gracias por su atencion y que tengan un buen dia..


Good afternoon, how are you? Well, to answer your question, the credit scores of both is good to qualify for a FHA or Conventional loan, depending on how much you're getting down payment.

The important thing here is to have a prequalification with a lending Bank or Broker to find out, according to the requirements of debt to income (DTI debt to income ratio) the amount you may qualify. I always recommend to my clients that the first step is to know this first to be able to know where to search and what type of property that price range based on the approval.
What you could do for a Prequalification is a couple of things:
1.) Go to your Bank where you have your account and ask them if they have mortgage programs and ask them about terms and interest before they complete their information for your prequalifycation.

2.) As Realtors, we normally know of agencies and / or reliable Mortgage Brokers so they can make the prequalification, which in this case, what they do is they run your credit just once, and they can analyzed with different Banks lenders, which is the best option for you so your credit is run just once.

3.) You can ask to a friend or if they have had a mortgage loan before and with a specific Bank or Broker and see if it was positive to help you choose what is the best option to for you.

I hope my answer will help a little to clear your mind and please count on me for anything you need, I speak English and Spanish and I am available 24/7 for anything you need in the process of buying your home.
I have over 7 years experience in the market and I will advise you of the best way and always seeking the best results for you as buyers.

Thanks for your attention and have a nice day ..

0 votes
Josh Lerette, Mortgage Broker Or Lender, Lakeland, FL
Wed Oct 17, 2012
Hello Enriquetirado,

You have valid questions and concerns. There are definitely questions that need to be answered in order to tell you whether or not you qualify for a loan. Your credit scores are above the minimum standards for a purchase. As far as your part time income, it will depend on how long you have been on your jobs in order to determine which income can be used. A minimum of 2 years in needed in order to use part time income if a full time job is being used as well. So, we just have to look at your work history to determine what your actually qualifying income would be. Also, for qualifying purposes, we use gross income, not net.

We are a national direct lender that underwrites our own VA loans. I have been working with clients throughout Florida to obtain VA loans now for over 9 years and I would be happy to assist you further. Please feel free to contact me.

Joshua Lerette – Sr. Loan Officer
Residential Finance Corporation
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Tue Oct 16, 2012
Enrique, Your credit scores are well above minium standards for approval
for most mortgage products However your monthly income will control
the qamount of loan you can qualify for..
VA Loans are actually bank loans with a Guarantee by the VA to allow the
veteren special advatages in terms,rates,and payment costs! For this
reason you will be best served consulting a mortgage banker who is
actually making the loan! and Experienced with the VA Guarantee Program!
I recomend you consult the sites below on the VA program

Once you have financing in hand. It helps to use an Agent experienced with
VA Loans and processing! Contact me directly if I can help-anytime!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:
0 votes
marc jablon, Agent, Boca Raton, FL
Tue Oct 16, 2012
Contact a reliable mortgage broker to get the answers you need. If you e-mail, he will give you the information you need to get started on a mortgage application.

Marc Jablon, The Jablon Team
RE/MAX Complete solutions
0 votes
Beate Rodrig…, Mortgage Broker Or Lender, Sunrise, FL
Tue Oct 16, 2012
Hello Enrique,

based on your information regarding your and your wife's credit score you would meet the VA loan requirements.

The Debt to income ratio on a VA loan is 41 %. Again, based on your information given you most likely qualify for a VA loan below $ 170,000.

Please feel free to discuss your options of qualifying for a VA Loan with me at your earliest convenience.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299 244

Cell: 954.695.4849
0 votes
Diana De Pao…, Agent, West Paln Beach Florida 33401, FL
Tue Oct 16, 2012
Dear Enrique,
Hope you are doing well. Over 9,500 people a day in this country get a mortgage and their are many mortgage originators here who can help. I have several to refer you in West Palm Beach.

They are are excellent communicators and have helped many of our clients successfully purchase properties. They also often have special money saving offers to tell you about and determine if you are eligible. Only a pre qualification from a mortgage lender can tell you what you will be approved for, and they also will be able to teach you about appropriate opportunities for VA loan.

Please let me know if you would like me to send you information for some terrific morgage contacts who can help.

Please email me at or 561-371-3334. Kind regards, Diana
0 votes
Cy Caine, Agent, West Palm Beach, FL
Tue Oct 16, 2012
Hi, call Daisy Hernandez at Chase 561-273-4869 email: .
When you are ready to buy contact , daisy will give you my number, I will work hard to find you the right property for you.


Cy Caine
Century 21 America's Choice
0 votes
Sandra Gold, Agent, Wellington, FL
Tue Oct 16, 2012
Hi Enrique

Feel free to call me so we can go over details and all your options.


Sandy Gold - Realtor
The Infiniti Group International
0 votes
Paul Saperst…, Agent, Boca Raton, FL
Tue Oct 16, 2012
Please call my mortgage broker Richard Romano 561-702-1276 to get pre-approved then I can find you a home.

Paul Saperstein
Re/Max Advantage Plus
Real Estate Broker-Associate
Direct Line 561-251-5296
Toll-free 888-363-5910
Fax 561-455-9884

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