The short answer is it depends. Having great credit is necessary but not sufficient. You must also have a steady income stream, and appropriate debt and expenses.
You must be able to demonstrate that you are a good financial risk. The lending rules and requirements change regularly, so your best approach is to speak face to face with a local lender representative. I suggest a mortgage broker, or a lender representative who has the option of dealing with several different lender underwriters. The underwriter is the person or group who actually makes the final decision of a loan for an investor (the person who has the money). Banks frequently have limited flexibility to â€œshopâ€ underwriters.
You want someone who you can look in the eye and get advice about the specifics of your situation. You want a person with current information about requirements, and the flexibility to take advantage of as many options as possible for you.
I am a real estate professional, not a financial professional. So my perspective is from the receiving end of financial advice, not the giving end. However I help clients every day with a wide range of different financial situations and I see the practical implications of what families deal with in making a decision about buying or selling a home. I always recommend financial experts, face to face.
If you would like specifics, go to http://www.Zip711.com
and click the Trulia menu tab.
I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you once you have spoken with a lender and have a letter of prequalification. If you would like a list of local lenders to consider, please contact me at Zip711.com.
Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyerâ€™s Representative
Licensed by Louisiana Real Estate Commission
Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated