CREDIT SCORE IS 650. FIRST TIME HOME OWNER. MY CURRENT INCOME PER MONTH IS $3100. MY CURRENT MONTHLY BILLS ARE $975. CAN I GET A MORTGAGE?

Asked by MIKE DAVIS, Tinley Park, IL Sat Aug 31, 2013

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8
Suzanne Hami…, Agent, Orland Park, IL
Tue Sep 3, 2013
Your credit will qualify for a loan, just depends on if your housing wants and needs and affordability. I would be happy to send you some home possibilities, help you get a loan approval and let you know more about the home owning process.

Please feel free to call.

Suzanne Hamilton
Managing Broker/Owner
RE Homes Source
888-788-9544
suzanne@remarketingconsultants.com
2 votes
Thank you for your response. I talked to a broker and was told I couldn't get financed because I have more then $5,000 in collections from credit cards. I was also told I probably would not be able to rent either.

:(
Flag Thu Sep 5, 2013
Djordje Golub, , Chicago, IL
Tue Sep 3, 2013
Yes you can. Give me a call and I can help you get pre-approved today for how much you can afford and answer any questions you may have.

Guaranteed Rate
773-739-5111
1 vote
David Wiedem…, Agent, Chicago, IL
Sat Aug 31, 2013
Hi Mike. I work in the Tinley and surrounding areas and have many reputable mortgage professionals that can assist you with your question. Give me a call if you would like some names and numbers. 815-370-0469 or email me at soldbydavidw@gmail.com

David Wiedeman / Real Estate Broker
Prudential Rubloff
1 vote
Keith Jean-P…, Agent, East Brunswick, NJ
Sat Aug 31, 2013
I would suggest speaking with a mortgage professional to determine your eligibility.
1 vote
Riccardo War…, Agent, Bolingbrook, IL
Thu Nov 21, 2013
Congrats on making that big decision..... yes you can purchase...

Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Tue Sep 17, 2013
Hi Mike
Yes, the collections will be a problem. Collections reflect a borrower's regard for credit obligations, or lack thereof. While FHA mortgage guidelines do not automatically say that you need to pay these off, the rules do say that the underwriter needs to consider them as part of your credit profile.

Most lenders will look past medical collections, so long as they don't represent a huge liability. But when it comes to other collections, so long as they appear on your credit report the underwriter will need to consider them when evaluating your loan application. And it would be very difficult for an underwriter to justify giving you a loan with $70,000 in credit card collections out there. That could dramatically impact the lender's risk.
0 votes
Brian T. Nev…, Mortgage Broker Or Lender, Chicago, IL
Tue Sep 17, 2013
Mike,

Have you taken the time to have a mortgage banker not a broker run you through a full mortgage loan pre-approval? If not, call me immediately. As a full service mortgage banker with Peoples Home Equity I can give you a qualified assessment of your purchasing power. And with our in-house processing and underwriting you can guarantee if I get you pre-approved, your loan will close!

Call me so I can help!

Brian T. Nevins
Peoples Home Equity
Mortgage Banker
NMLS#446020
708.315.2490
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Thu Sep 5, 2013
you sure can, when would you like to move?


Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes
THE $70,000 IN COLLECTIONS IS FROM 2006.
Flag Thu Sep 5, 2013
Thank you for your response. I talked to a broker and was told I couldn't get financed because I have more then $5,000 (70,000)in collections from credit cards. I was also told I probably would not be able to rent either.

:(
Flag Thu Sep 5, 2013
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