My credit score is 598 with experian but 633 thru transunion. can i get a home loan in nashville, tn? needing 130k. never purchased one before. thanks

Asked by Emilylaura7, Nashville, TN Mon Jun 13, 2011

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Jessica Bateman’s answer
Jessica Bate…, Agent, Beverly Hills, CA
Sat Sep 28, 2013
You can get approved with under a 600 credit score for home loan. I have had clients with a 580 credit score get approved for an FHA loan just 3.5% down, The Lenders Network is the place to start for any questions loan related.
Good Luck!
1 vote
, ,
Mon Jun 13, 2011
Where did you get those credit scores, and do you know what your Equifax score is? http://www.myfico.com is the best website to get your Equifax score from, as it uses the same exact scoring model as us mortgage lenders use. The TransUnion score from that website is using an older scoring model than mortgage lenders use, so it's not entirely reliable. But Equifax at myFICO.com has been accurate to the Equifax score we pull 99% of the time.

There is financing for lower scores, but it's more difficult to qualify for than if you had higher scores. If you aren't in a huge rush, you'll have more lenders as options if you can get your middle score (598, 633, and 622 score would be a 622 middle score) up to at least a 600 level and preferably even 620 or 640. Is your score gradually increasing each month?

Along with your income, your monthly debt payments would need to be known, as both are required in order to calculate you debt to income ratio. If you don't have much in monthly payments then your income looks sufficient for the amount of home you are looking to buy.
Web Reference:  http://www.myfico.com
0 votes
Emilylaura7, Renter, Nashville, TN
Mon Jun 13, 2011
i've been at my job almost 6 years and i make 30k a year. my fiance has been at his job for 10 years and makes 35k a year. he has a foreclosure but it's from 6 years ago.. other than that, i just have old debt that i've recently paid off since the beginning of this year. my active accounts (car loan and 1 retail card) are paid up to date with no late payments or anything negative. i know it's hard to tell without actually seeing any of our info, but i appreciate any and all feedback.
0 votes
Daniel Fisher, Agent, Charlotte, NC
Mon Jun 13, 2011
If you have a steady job, no bankruptcy, foreclosure or judgments, you can probably get a loan with that credit score. To qualify for $130,000, you will probably need at least $45,000 annual income. But there are a LOT of variables. I'd call Ryan Estes at Bank of America. You can reach his assistant, Leanna Wooten at (877) 544-2429. Or try Ryan at 704.919.4715. If you need a good realtor in TN, please let me know.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jun 13, 2011
There are other factors besides credit that determine mortgage qualification; therefore visit with any qualified loan officer; after reviewing your overall financials, credit, debt, etc., he/she can make determination on qualification; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future...
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