MY CREDIT SCORE IS 712 WOULD I QUALIFY FOR ANY LOAN TO BUY A HOUSE

Asked by Monica, Pharr, TX Wed Feb 17, 2010

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7
, ,
Thu Feb 18, 2010
712 is great. But it is just one factor for a loan.
You should apply with a lender and see where you stand.
0 votes
Patricia McC…, Agent, Dallas, TX
Thu Feb 18, 2010
Monica - FICO score is different than the scoring a mortgage broker looks at. They look at your overall credit and creditworthiness. Sometimes the FICO score can be a lot higher than their score. Something to also consider is your debt to income ratio is. For example, if you have an income of 4000 a month - and you have credit obligations: ie a car payment, maybe student loan or the like - it is factored into the debt load that you carry. A home can be a percentage range - an example would be say 28 to 36 percent and perhaps total debt and loan not to exceed 50% of your income (not exact and depends on type of mtg and your loan) so you would qualify based on that: 28% would be $1120 to 1440 plus the other items I mentioned. Your best bet as mentioned in prior comments is find a mortgage broker at a bank, full service real estate company, or who your friends have used. Hope this helps...
0 votes
Steve Tennis…, Agent, McAllen, TX
Wed Feb 17, 2010
Hi Monica, 712 is an acceptable score, but there are a few other factors to look at. If you are ready to sit down with a lender to see if you qualify, i have 3 lenders here in our area with whom you could sit with and see who could give you the best deal. Feel free to contact me at 624.2297 any time and i can give you their information. Steve
0 votes
, ,
Wed Feb 17, 2010
Monica, everyones correct on here. If you are looking to get Pre-Approved, I'd be happy answer any additional questions you may have since I see you are here in TX.

Best of luck!

Tommy
0 votes
greg, , Boston, MA
Wed Feb 17, 2010
As stated your FICO score is well within the desired range for most lenders and most mortgage products; however loan products vary from market to market. I would sit down with a local lender and have them assess your ability to secure financing. FICO score is one measure of credit worthiness; however other compensating factors play a role in the approval process such as length of time on job, payment shock (what you are paying for rent compared to anticpated mortgage payment), etc.
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Bill Eckler, Agent, Venice, FL
Wed Feb 17, 2010
Monica,

There are other criteria in addition to your credit score that are important considerations.....are you working, your income, your present debt etc.

With a credit rating of 712 you should be able to qualify, if everything else is acceptable.

Good luck
The Eckler Team
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Feb 17, 2010
Monica your score is within what lenders consider acceptable. Your best bet is to contact a local and trusted mortgage broker. They can prequailify you at no cost, by looking at your financials they can tell you what you can afford and what programs you may be approved for. Try and stay away from the internet lenders, you really want a local person who you can sit with, get advice from and to answer your questions when you need them. good luck with your mortgage.
Web Reference:  http://www.ScottSellsNH.com
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