Can I get a mortgage? My fico is 678-680, but I just payed off my credit cards & don't know how long that

Asked by Sam, Brea, CA Sat Oct 18, 2008

will post or change my fico score. i have 24000in savings. (10-12%)My problem is I just started making money (two months ago graduated) I have been with the same employeer for 8 years but I was making peanuts because I was part time do to school. I used to make 18000 to 36000 depending on my school load. Now I just started making 100,000 gross . I want a loan for 275, 000. I'm scared & do I need 20% down, if so I have to wait a couple months. I found the condo I want, it might be gone by then. thank you.

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Eric Israel, Agent, Orange, CA
Sun Oct 19, 2008
You need to speak with a lender pronto and get a "fully underwritten preapproval". From there, you will know exactly what you can or cannot purchase. Email my associate at bill@billtdaniels.com and drop my name to him and get started. You will need a rapid rescore of your credit and he can help you. In the mean time you can search for homes here http://www.socaloceanviews.com/Monarch_Beach_CA_homes_for_sa…

Good luck.
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Keith Sorem, Agent, Glendale, CA
Sun Oct 19, 2008
Sam
First of all, congratulations! You are off to a great start.

Second, you need to talk with a great Realtor and a lender. Although I do not work in your area, I do know a Realtor that can help you get started.

Qualifying for a loan is a challenged even for people with great credit scores and 20% down. Lending guidelines have tightened, but with the right help you might be able to pull this purchase off.
I would be honored to refer you to a top buyer's agent in your area that can make this happen for you. No cost of obligation.

You might want to check out the Trulia link below, looks like prices are headed up in your area.
0 votes
Lew Corcoran, Agent, Easton, MA
Sun Oct 19, 2008
First, your FICO score most likely will go up. However, that's not absolutely certain as credit scores are based on a number of variables. Generally, it takes about 30 days for each of your creditors to report any chnages in your accounts.

If you cna afford to wait until you've put together enough for a 20% down payment, do so. You will avoid PMI (mortgage insurance) if you do. Also, don't forget that you will also need to pay closing costs, set up an escrow account for property taxes and property insurance.

When you're ready to start looking for a home, be sure to get pre-approved for a mortgage first. Your real estate agent will won;t to know what price range you're qualified for. Also, most if not all home sellers will require a pre-approval when you submit an offer so they know you're qualified to buy their house. Else they won't entertain your offer.

Good luck!
0 votes
Dave Osborne, Agent, Orange, CA
Sun Oct 19, 2008
Hi Sam,

On the surface, it seems like you would be more than qualified. I'm not a mortgage person but I have a client with a very similar situation (Same basic salary, similar work history, no credit card debt, small car loan, lower FICO score and about the same in savings )and they were approved for well over $300K and about to close escrow. If you are looking for a primary residence, you will not need 20% down. If you are looking for an investment, that is a different story.

If you want the contact info broker that I used, let me know. He's in Brea as well. Good luck in your home search! DaveO@theOCmls.com
Web Reference:  http://www.400kHomes.com
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