I'm a first time home buyer and I have a 627 credit score. Will I still be able to be approved for a 100,000 home loan for a forclosure home?

Asked by Dessa, Mansfield, TX Mon Feb 27, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Jennifer Fox’s answer
Jennifer Fox, Agent, Arlington, TX
Tue May 29, 2012
Hello, I would love to help you in your new purchase and show you as many homes until we find the perfect home for you..and to answer your question yes you can purchase! Please give me a call and I can set you up with the loan also...I have lots of homes to show you! lets get started..

Jennifer Fox
Fox Realtors, LLC.
817-401-9432
0 votes
Thomas Brewer, Agent, Mansfield, TX
Wed May 23, 2012
Dessa,
There are lenders out there , mine included that will go down to a 600 FICO score for an FHA loan. While there are other variables at a 620 FICO you are fine. I am a licensed mortgage broker as well as a Re/Max Realtor and can tell you on the surface you should be fine as long as your income, assets and debt ratio make sense. FICO score should be OK..
0 votes
Laurie Clark, Agent, Englewood, CO
Wed May 16, 2012
FHA requires a minimum FICO score of 660 for an FHA loan. See if you can clean up any errors on your report yourself (should only cost you your time) in order to pull your credit score up to be considered for an FHA loan.
0 votes
Pam Needs a…, Home Buyer, 75104
Wed May 16, 2012
I have a similar credit issue with 2 collections that just won't budge, with proof that I don't owe. My scores are 663-675-652. I have about 5% in savings, 12 years on the job and less than 15k in debt. I'm looking for a lender who can help me get info on all those housing purchase programs out there. I took a homebuyer's class and got a certificate, but my income doesn't allow me to get some of the assistance that comes with it. Email me at bpamemberalert@yahoo.com if you can quickly (and seriously) help me get a decent rate for a mortgage loan. I'm renting month to month, currently looking for a home with a pool and would like to close as early as possible. May 16, 2012
0 votes
Giovanna Phi…, Agent, Arlington, TX
Thu Mar 1, 2012
A 627 credit score is a good start. There are additional factors, and a good lender will help you determine if you can qualify. I work with fantastic lenders who can hel pre-qualify you so that you know exactly where you stand, if you're ready to buy, and/or what you need to do to get ready if you're not quite there.
0 votes
Jay Hasbrouck, Agent, Mansfield, TX
Mon Feb 27, 2012
Your credit score is workable. Depends on the income to debt ratio; as to what amount you can qualify for.
I use a professional lender who takes care of business. It would be better for you to talk to him about getting qualified. I have been in the business 33 years, I have a strong understanding of all facets of real estate. If you have any other questions, ask me anytime! Thanks Jay
Web Reference:  http://www.JC-Realty.org
0 votes
T.E. & Naima…, Agent, Dallas, TX
Mon Feb 27, 2012
Probably. Sometimes buyers come to me and say they have a certain score and later we find out that the score is not the same one used in mortgage lending.
Besides the scores (of which the middle one, not the highest one and not the lowest one, is used to qualify) certain items on the credit report can prevent you from getting a loan, such as a recent foreclosure, a recent short sale (neither of these may apply to you), a recent bankruptcy, multiple late-pays, and liens of many types.
In addition, your income must be provable and have a solid two year history or longer in the same profession. You can expect to qualify if you don't have problems like those mentioned, enough income so that the monthly payment plus all your other debt payments are less than about 2/5 of your gross income, and you have at least 5% in cash to put down.
Ask your loan officer to pre-qualify you and all will become apparent. Before you start looking it is better to know how much you qualify for. Since other debt payments, such as for student loans and credit cards, reduce the amount available for paying back the mortgage loan, you should expect your payment to fit into your overall budget.
Web Reference:  http://www.Mortgages-TX.com
0 votes
Tamika Goree, Agent, Arlingon, TX
Mon Feb 27, 2012
Good Afternoon Dessa,

I have a great loan officer that can get you pre-approved. When a loan officer reviews your loan application they are looking at more than just your credit scores. Also, look at income, debt, and debt-to-income ratios. I will be happy to pass along his contact information. Please feel free to contact me at your convenience. I look forward to hearing from you soon!

Make it a Blessed Day!

Tamika A. Goree
Direct: 972.697.1178
Email: tamika.goree@live.com
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Feb 27, 2012
More is involved than just a credit score for a loan approval . Recommend to contact a mortgage broker who will review your loan application.
Web Reference:  http://www.lynn911.com
0 votes
Phil Amodeo,…, , Grand Prairie, TX
Mon Feb 27, 2012
Dessa:

I have a lender who can probably help you, as long as other credit and income guideleins are met.

Call or text me at 817-807-8574 or email me at Phil@HomesByPhil.com ASAP to discuss your homebuying strategy.

Phil Amodeo
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Feb 27, 2012
Depends.
620 is ok but there are many other factors.

2yrs stable job in the same line of work?
A little money for own payment and closing costs?
You simply need to apply and see how it goes.

Let me know if I can answer any specific questions or help you in any way.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Mansfield Zip Codes

Email me when…

Learn more