Asked by Holliehouse, Chillicothe, OH Tue Jan 10, 2012

Hi, my credit score is at 662, I make 42k a year,I have a down payment, I haven't made any credit mistake in the last 5 years or so, can I get preappoved for a loan? Where in ohio?, I don't want to get denined, and I just need a house.

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Holliehouse, Home Buyer, Chillicothe, OH
Wed Mar 26, 2014
aFinally got our loan a year after the post. 1st we got a secure credit card from capital one, to help build credit. We found a bank owned house from a forclosure, searched county records to figure out extactly what was owed on the property, then I went directly to the bank and made an offer. I told them this, "I have a poor credit score but have good income, a 7k down payment and would be willing to switch all of my banking needs over to there bank." They refered me to their realistate agent who was handling the property, and from there I made a real offer on paper contenginent upon the bank, that had the forclosure, to finance to loan. They said yes. The bank was a credit union.

I found that in this area it is a cut throat realistate market with a huge insiders club that controls nearly every piece of avaliable property in the area. There are no real jobs in the area so realistate is basically how everyone is trying to get rich. Doctors and lawers buy up every piece of property, and then rent each room for $500 a month to colledge kids. Most agents will not return a phone call or an email. I would suggest cutting out as many realitors as possible, because I have found, most are lazy crooks and are just looking for easy money. If you try to become a realitor, the compitetion is fierce and the will try to run you out of town.

Thanks for all of the replys. A 662 credit score, from my experince, is not high enough for any home loan. My advice to myself would be, build credit for another year, study the market, and approach a credit union. Take advantage of the county auditors web site and online tax records. Cheers.
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Ann Norton, Agent, Hudson, OH
Tue Mar 25, 2014
You will have no problem getting a loan! We have several lenders we work with and can helpyou with your home search. I can help you search by lifestle, acreage, location, feel free to visit my site at however your situation will be just fine. Realtors you work with should be able to help you with a expert and guide you to get a great deal on a home, save you money on a lender and get you all the best Ohio has to offer. Welcome to our state.
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Evans-Moore…, Agent, Gallipolis, OH
Tue Mar 25, 2014
The best source will be credit unions and mortgage brokers.
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Franz Bauer, , Arlington, VA
Thu Jan 12, 2012

I have been lending in Ohio for over 11 years. From the brief description you give above, you stand a very good chance of being approved at excellent rates and terms. You want to be certain of your score, however. I have had many clients who have looked at their own score only to find their actual score 30 to 50 points lower. The reason is that lenderes use a different scoring model than what the public is given from the various sources.

You can feel free to contact me if you have more questions about this.

Franz Bauer
Senior Mortgage Banker
Home Savings of America
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Jan 10, 2012

You are describing a scenario that appears to have a good chance of being approved and, in your shoes, I would try. If a local mortgage professional does not reply to you here, let me know and I can connect you with someone who will be happy to help you further.

Best of luck,

Rob Spinosa
0 votes
Michael Hick…, Agent, Westlake Village, CA
Tue Jan 10, 2012
I'm not an Ohio Realtor, but I highly encourage you to look into the local Credit Unions. Just use Google. Credit Unions, unlike the big banks, are generally more frinedly to deal with,and most have a charter that dictates they return and excess profits to the members as a dividend. Rates are also better. If you have a relationship with a bank it doesn't hurt to ask their branch Loan Officer but these people are limited to only their own banks products.
Finally, ask your friends for referrals for a good Mortgage Broker. Mortgage Brokers have a wide array of products available to them including all the big banks.
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