Home Buying in 15236>Question Details

ntwright, Home Buyer in Pittsburgh, PA

I have a credit score of 650, and a take home income of about 50,000k, I know there is more to it but what kind of loan would I be looking at?

Asked by ntwright, Pittsburgh, PA Thu Sep 27, 2012

Help the community by answering this question:


There really is no way to answer your question with the amount of information given. Although your credit score and income sound like they could support a good chance at a loan, there are many more variables that come in to play. Your debt is probably the biggest factor of these additional variables. You definitely just need to contact a reputable lender and talk it out.
0 votes Thank Flag Link Fri Apr 11, 2014
Yes there is more to it. That is why your information is not enough to get a meaningful answer. There is a who profession built around loans, government regulations, and thousands of books that can relate to answering your question. IF you wnat a meaningful answer, I recommend you include if you are a Vet, a first time buyer, If not if you own a home now have you ever been late, how much of that 50,000 is committed to other debts, From there a meaningful answer could be given. I have seen people with the numbers you listed not qualify for anything and others buy $250,000 without any strain on their budget. So if you are serious about this first step in buying a home, then lets get to work , After a short conversation I can recommend a meaningful next step for you and also let you know if you are not ready.. Benny Smith 412-498-7868, benny@buyahomenow.com
0 votes Thank Flag Link Sun Dec 2, 2012
Purchasing a home can seem overwhelming. There’s FHA, VA, USDA, and conventional loans. And of course you probably want to know if you qualify for first time home buyer programs. Learn more about loan programs with the link below and estimate your closing costs with a purchase calculator found on the calculator page. Good luck!
0 votes Thank Flag Link Sat Dec 1, 2012
We can recommend all we want. Like the others get qualificed from a lender. This is the only opinion that maters. I recommend you call John Tebay at 412-*776-4185
0 votes Thank Flag Link Fri Sep 28, 2012
Good evening ntwright,

Sounds like you're where you need to be for mortgage prequalification purposes. I recommend meeting with a Local Mortgage Banker to get prequalified for financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012

Congratulations on taking the first steps to purchasing a new home!
I would recommend just talking to a lender as there are a lot of other variables that play into the approval process. They will be able to look at all your information and give you all your options with no obligation. I could give you a name of a loan officer that is very patient and works well with first time home buyers. Feel free to contact me if you want her contact information. I would be more than happy to assist you in your home buying process as well.

Best of luck!

Lisa George
0 votes Thank Flag Link Thu Sep 27, 2012
You are correct, there is more to it, but FHA would certainly be an option and even a conventional loan may not be out of the question. Your down payment, job time, credit details beyond your score and assets will also come into play.
I would encourage you to speak directly to a mortgage broker to find out your options and either start the purchase process or to take a few steps to improve your credit score. Best of luck.
0 votes Thank Flag Link Thu Sep 27, 2012
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