Can I get a Loan with 770 credit score and 12K a year? If yes what is the best program

Asked by Acmoumen, Thu Feb 21, 2013

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Irina Bennett, Agent, Chapel Hill, NC
Fri Feb 22, 2013
One of the great lenders I know for many years gave this response:
Yes you can get a loan with 12000 a year if you can find a home where your payment all in is not more than $400 per month. You would need a down payment of probably about 3.5% . As with this very small down payment, you would be allowed the most lenient debt to income ratios. You should get preapproved to buy the home ahead of you looking."
To get in touch with her, see below:
TheAmyBonisMortgageTeam (919)-414-4430
0 votes
Nila Maceda…, Agent, Raleigh, NC
Fri Feb 22, 2013
I would talk with a loan officer. Credit scores and incomes are not the only ones being considered . There is the debt to income ratios that is an important factor consideration. Take care.
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Karen Johnson, Agent, Raleigh, NC
Thu Feb 21, 2013

Your credit score is fine but the income piece is probably an issue for a loan. There are some good first time homebuyer programs out there. Perhaps a good lender could find a loan product that would work for you. I'd be glad to give you a couple of lender recommendations.
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Ernie Behrle, Agent, Raleigh, NC
Thu Feb 21, 2013
Great Credit Score... but pretty poor income. Even if you could get a loan, not sure what you could find in a home for the payment you would most likely be allowed unless you have a bundle to put down. The other thing the lender will look at is what your current monthly expenses already are.

To check for sure, may I reccomend you call Natalya Hill at 919-614-0388 . She is an excellent lender that I have been working with since 1994! Doesn't hurt to call and let her run your numbers for you.

If there is anything I can do to help you in finding a home, please don't hesitate to contact me!
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Rocio V Rojas, Agent, Raleigh, NC
Thu Feb 21, 2013
You have a great credit score but very little income. You need to speak to a great mortgage lender to see what your options are. Let me know if you'd like some referrals...
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