Approval of a mortgage

Asked by Melissa, Outside U.S. Mon Aug 29, 2011

Can I get approved for a $210000 mortgage, with $20,000 down & a credit score of 643?

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, ,
Mon Aug 29, 2011
With what you've said it sounds doable... but further information is needed, such as:

1. What your income is
2. What your monthly debt payments are (car loan, student loan, credit cards, etc.)
3. What is on your credit that is bringing your scores down to 643
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Aug 30, 2011
In order to find out for sure visit with any loan officer; after reviewing your overal financial information, a determination can be made....
0 votes
Steve Sisman, Agent, Media, PA
Tue Aug 30, 2011
Good morning Mellisa, all of the information below is on target; however, the only way to know for sure is to speak directly with a lender(s). If you cantact me, I can provide you with the contact information of several lenders; then, you can shop several reliable sources to see which one best fits your needs.
I hope this helps. Steve
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0 votes
Mike Sullivan, Agent, Gainesville, FL
Tue Aug 30, 2011
I agree with what has been said...the credit score is only one factor in getting 'pre approved'. The debt to equity ratio is the major one in determining 'how much' you can be approved for (LTV). This should be in the 28% range of your net income.

Approval is a longer process, and reguires documentation of all income and debt load

Hope this helps!
0 votes
Mark Barone, Agent, Media, PA
Tue Aug 30, 2011
Hi Melissa:
This depends on the LTV, what is purchase price, and your employment info, call us at the office. We have one stop shopping for your Real Estate needs, Mortgage financing, title insurance which is important, homeowners insurance. 610,565-1995, ext 1300, 1310. We have many years of experience making buyers and sellers extremely happy.
0 votes
Abu Musa, Agent, New York, NY
Mon Aug 29, 2011
Look If you Qualify for FHA loan you need only 3.5% down payment. Now Are you a first time home buyer,Buying 1 to 4 family home. Do you make enough income to re pay the mortgage these kind of things also in consideration. Please Talk to a real estate professional they will work with you to accomplish your goal. Thank you.
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