I have fico score of 634 and a credit score of 719 which I don't understand. I make 70k can I get a good loan for a home?

Asked by Fourmaine, Dahinda, IL Fri Jan 17, 2014

My spouse makes 95k if that helps any

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Michael Mitc…, Agent, Brockton, MA
Fri Jan 17, 2014
The fico score is the average score from all the credit reporting agencies. More than likely one or more of those agencies(there are 3) have some kind of negative information that is bringing your fico score down. I would get all 3 credit reports and look them over and dispute any items that you don't agree with. It takes about 3 months for the corrections to take effect so I would get on it now. If you can get that fico up to 680(which is considered good to banks) and have 20% down you would have a good chance of getting a mortgage. There are several other factors that determine how much you can get but your credit score and down payment are the most important items. Good luck
1 vote
Anna M Brocco, Agent, Williston Park, NY
Fri Jan 17, 2014
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 required in order to determine your price range and for any offers to be taken seriously.
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Jan 17, 2014
It's impossible to tell. You'd need to meet with a Loan Officer along with all your paperwork and her pre-approved. For a bank to qualify you, they need to see your income, credit, bank statements, rental history, etc.

Your credit scores and income is just 2 pieces of several things that need to check out.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote
John Peitler, Agent, NY,
Thu Jan 23, 2014
Please contact me for assistance. My name is John and I can be reached at 212-714-1027 ext 11. Thank you and good luck.
0 votes
, ,
Mon Jan 20, 2014
A tri merge credit report pulled by a mortgage company will provide Fico scores from three companies ( Transunion, Experian and Equifax) and the middle score of the three will be used for loan qualification and interest rate purposes. Credit scores when you pull the report yourself will have different scores as this is considered a soft inquiry and the assumption is you are just checking it for looking at payment history as opposed to intent of increasing loans. Usually self pulled credit report will have higher scores.

Usually a minimum middle credit score of 620 among both borrowers qualifies you for most loan programs, rate being a different matter. You should contact me or other mortgage professionals for a complete review, including the possibility of bringing up the Fico scores.
My contact information is given below if need to contact.

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes
Dawn Noak, Agent, Hauppauge, NY
Sat Jan 18, 2014
Hi There,

I work with a great loan officer that can crunch some numbers with you and let you know where you stand before you go ahead and submit any mortgage applications. Please email me if you would like him to reach out to you.

Thank you,

Dawn Noak, LSA
Gladstone Group
0 votes
Iris Shorin, , New York, NY
Sat Jan 18, 2014
Do you and/or your wife have outstanding debts, such as credit cards, students loans, which are subject to long term payments?

It is best to go to your local bank or a community bank or credit union and see what their rates are and how you qualify-can you get approved for a loan and for how much? What are your wife's fico and credits scores? These days it is not only scores which count, but other factors. On paper, you should not have difficulty but loans seem to be harder to come by.

Do you have other assets, such as investments, savings, Ira's, etc. which are liquid? Your income f\rom your salaries may or may not be suffificent although it is highly respectable.

Iris Shorin
917 921 0472
0 votes
Fajardo Dela…, Agent, Flushing, NY
Fri Jan 17, 2014
I don't see why not, just shop around for a loan that will meet your needs.
Fajardo Delacruz
347 932-0609
0 votes
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