I have an average credit, 636-690. How could i qualify for a $350,000 home?

Asked by Coleen, Los Angeles, CA Sun Aug 26, 2012

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Sona Gallatin, Agent, Santa Clarita, CA
Sun Oct 21, 2012
Yes but it also depends on your income and debt. Best first step is to talk to a lender and get a pre approval, talk to a few but make sure you give them a copy of your credit report, best not to have your credit checked by too many lenders.
Good luck
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Robert Chome…, , San Diego, CA
Sun Aug 26, 2012
Your credit is good enough. What is your yearly salary? Do you have a car payment? Student loan? Credit card payment?
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Hi. I make about 12,000/mo; w/ 2 car payments; one car almost paid up. No student loan; not so much w/ credit card.
Flag Sat Sep 1, 2012
Anna M Brocco, Agent, Williston Park, NY
Sun Aug 26, 2012
There are other factors besides credit that determine mortgage qualification, therefore for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
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Flag Sat Sep 1, 2012
Ken Dorfman, Agent, Los Angeles, CA
Sun Aug 26, 2012
Generally speaking you need a score of 640 as a minimum. I would suggest locating a good mortgage broker and working out a plan for a pre approval and an amount.

Ken Dorfman, Broker
Kenneth B Dorfman Real Estate
DRE 675912
888 846 0688
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Tony Lewis, Agent, Valencia, CA
Sun Aug 26, 2012
Coleen, you are among the most fortunate buyers with the ability to purchase a home for $350,000. Your credit score will allow you to purchase an incredible home in a great location here in the Santa Clarita Valley. This price will allow you to purchase a home in Valencia, Stevenson Ranch, Saugus, Newhall, Castaic or Canyon Country and the city of Santa Clarita with 3 or 4 bedroom and as large a perhaps 2400 square feet on an nice lot.

Let me know when you are ready to prepare to look for a home and I'll provide you with lenders from Wells, B of A and Mortgage Brokers that will offer many choices of loan programs. You have found an Realtor that not only cares about your family's best interest but has 32 years of local Santa Clarita Valley knowledge and experience!


Tony Lewis RE/MAX of Valencia 661-702-4720
Web Reference:  http://www.TonyLewis.com
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Thanks. I like 2 houses in your listing: the one in carson way & the other in via cresta. With a fico of 636-674-660; about 40,000 total debt now (2 car payments, w/ one almost paid up); yearly approx income of140,000---what's my chances of qualifying for this property? Could i get an FHA w/ this? Approx how much money should i bring in?
Flag Sat Sep 1, 2012
Crystal Shep…, Agent, Santa Clarita, CA
Sun Aug 26, 2012

I believe you need a min 640 score for an FHA loan. Just had a deal delayed while the lender worked on getting a buyer's score up to 640, and then they were good to go.

There are of course other factors involved in qualifying. Your best bet is to speak to a mortgage professional as soon as possible, so you can begin working on your credit and finances as needed.

I work with a great local lender and recommend that you call him: Mike Meena, Augusta Financial 661-260-2970. He can point you in the right direction. Best of luck!
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Sona Gallatin, Agent, Santa Clarita, CA
Sun Aug 26, 2012
It depends on what your income is compared to your debt. How much do you make a month? And how much are your payments each month? Include everything...
Secondly it depends on how much of a down payment, anything less than 20%down will likely have mortgage insurance so don't forget to add that to your monthly mortgage calculations when you're trying to figure out how much house you can afford. For example, here in Santa Clarita (make sure you include HOA if any) a 350K purchase with 3.5 minimum down payment, mortgage payment will be an estimate here, as I don't know your details...$2,551.78 this is a rough estimate which includes tax, insurance, interest, and mortgage insurance. Your income should be three times that amount to comfortly qualify. Call your favorite bank or mortgage broker to see exactly how much you qualify for.

Good luck!
Happy house hunting!
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Christopher…, Agent, Methuen, MA
Sun Aug 26, 2012
My advice is to contact a couple reputable local mortgage brokers and ask for a pre-approval. They will tell you what you can qualify for. Good luck!
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