Home Buying in 22201>Question Details

Paul_acap, Home Buyer in Arlington, VA

I have a bad credit but I do have a job and I'm making between 2,500 to 3,000 a month. My question is can qualify to purchase a house

Asked by Paul_acap, Arlington, VA Sat Jul 26, 2014

that's around 150,000 to 250,000? Thank you..

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Answers

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Since there are other factors involved in determining mortgage qualification, for a personalized answer visit with any licensed loan officer, all else is really just speculation; be aware that a mortgage pre approval letter is necessary to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Sat Aug 2, 2014
Talk with your lender. They will tell you what your credit score HAS to be at a minimum (this # could be different across the country, depending on what program is being offered).

You also need to be sure your income greatly exceeds your expenses.

All in all, talk with your lender and figure out a game plan to get you qualified!

Good luck.
1 vote Thank Flag Link Tue Jul 29, 2014
Hello Paul,

I am a Senior Loan Officer for a local lender in Fairfax, VA. There are many factors that go into a pre-approval, but I would be happy to take a look for you. At this point, the best thing you can do is get free advice on how to build your credit score. I can provide that via a "credit analyzer". This is free of charge to you and will help you get on the right track. Feel free to reach out to me when it is convenient for you.

Very Best,

Zac Dennehy, NMLS #1045494
Senior Loan Officer
MVB Mortgage, NMLS #181319
11325 Random Hills Rd, Suite 100
Fairfax, VA 22030
0 votes Thank Flag Link Mon Aug 18, 2014
Paul,

You will need to talk to a lender to see what they can qualify you for. Talking to more than one lender might be good as different lenders have different projects to offer.

There are no homes (even condos), esp in 22201, that are between $150k-$250k for sale. You might be able to find a condo for $250k in Arlington, but finding a house at that price will be almost impossible.

Good luck!
0 votes Thank Flag Link Sat Aug 2, 2014
I work with several excellent lenders.

Th best answer is to take the plunge and see if you qualify.
Most lenders look for at least a 620 credit score - do you have that? If not, still talking to a lender who knows about credit repair and low scores, might help you.

Bear in mind, that just having a low credit score isn't the whole picture.
Lenders look at the following:
Assets
Debts - debts include additional mortgages, equity lines of credit, car loans, credit card debts, child alimony payments, school loans, etc.

If you are behind on payments, have filed bancrupcy, had a foreclosure or shortsale in the last five years, or are being persued by creditors, then your credit will be affected. Having one of the above debts too, will count against your qualification amount too.

All these things are important when applying for a loan.

Please feel free to reach out to me - and I will put you in touch with a few lenders that might be able to assist. I always recommend talking to at least THREE lenders when buying a house. Shopping around is the best way to find the best rates too....

Our contact info is below. Good luck with your credit troubles - let us know if you need help buying a house - we'll be available when you need us.

Chris


Chris & Shris Dudley - Realtors
Chris Cell: (202) 297-3047
Shristhi Cell: (301) 655-1521
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Chris Email: ChrisDudley@LNF.com
Shris Email: Shristhi.Dudley@LNF.com
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Informational Website: http://www.DudleyRealtor.com
Zillow Website for Searches: http://www.DudleyRealtors.com
Licensed in VA, MD & DC
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L & F Tysons Corner Office
8227 Old Courthouse Road, Suite 100, Vienna, VA 22182
Office Phone: (703) 556-8600
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L & F Bethesda-Gateway Office
Over $1.21 BILLION Sold in 2013
4650 East West Highway, Bethesda, MD 20814
Office Phone: (301) 907-7600
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Building Relationships...NOT just selling! Your referral is the best compliment we can ever receive.
0 votes Thank Flag Link Sat Jul 26, 2014
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