WE are planning to buy a new house in Atlanta around 200000-250000, but I dont know if we will get a loan, because my score is 650 and husbands 570.

Asked by jddorley, Atlanta, GA Thu Jun 6, 2013

My credit cards in very good shape, but i quit my job two months ago because i am student until december, 2013 and we have one income with down payment 20.000, however we hade a short sale two years ago and we currently renting. What options do I have? Can I apply for a mortgage and first time home buyer program under my name or joint? Thanks

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Richard- El…, Other Pro, Augusta, GA
Thu Jun 20, 2013
I can get you a loan that is very low


Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!


What it is we can offer you and your clients

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Use assets as income
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Avarice Investments
Wealth advisor
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0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Fri Jun 7, 2013
If his is the only income, then you would not have any options mortgage at this time. For an FHA mortgage, most lenders require a 640+ credit score for the last 3-4 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

When you are in a position to purchase, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Fri Jun 7, 2013
For the previous short sale, an FHA mortgage will require that at least 36 months must have elapsed since the closing date. The only exception to this rule is if you did not have any mortgage lates in the 12 months preceeding the sale.
0 votes
Curly Sue, , Texas
Fri Jun 7, 2013
Your husband will need to bring his credit score up to at least 580. If you aren't working you won't be able to obtain a loan in your name. Many lenders require 3 years wait after short sale.
0 votes
Maisha Khabir, , Atlanta, GA
Fri Jun 7, 2013
You may apply as single individuals or jointly. Your loan officer will advise best based on your credit, dti ratios and employment. In most cases you have to be free of bankruptcy or foreclosre for thee years to make mortgage application to purchase a home.
0 votes
Chris Irvin, , Atlanta, GA
Fri Jun 7, 2013
Jddorley,

Your credit score is high enough to qualify for a mortgage unfortunately your husband's score will need to improve. Since it seems from your question that he is the only current source of income his score is the one that matters. I would be happy to take a look at your credit and advise you as to what you need to do to qualify. I have a great credit analyzer tool that will tell us exactly what to do to improve your score and how much it will increase. It is very fast and accurate we could potentially address some areas today and have your credit re-scored next week. The short sale may cause some problems depending on how it was handled. If you were current on you previous mortgage (paid within the month due) for the 12 months prior to your short sale you would be eligible for a mortgage today. If you were not current on your mortgage prior to the sale then you will have to wait 3 years from the FHA Paid claim date before you could qualify for a new mortgage. I'd be happy to take a look at your situation and give you more specific answers to your question. Feel free to contact me if interested.

Sincerely,

Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS #75615/465546
678-251-7889
cirvin@brandmortgage.com
http://www.chrisirvin.com
0 votes
Fred Yancy, Agent, Woodstock, GA
Fri Jun 7, 2013
I would recommend renting for at least one more year to improve your financial situation.

Get Your Finances in Order: To-Do List

Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.

Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.

Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.

Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.

Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.

Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
http://fredyancy.crye-leike.com
0 votes
Michael Hamm…, Agent, Suwanee, GA
Fri Jun 7, 2013
The most likely and easiest answer, jddorley, is to contact some Mortgage Lenders, give them all of your information and allow a thorough credit check to be performed. If you can qualify, they will let you know and for how much. If not, they can counsel you on how best to improve your situation in order to be able make that next purchase. We can answer any home questions that might arise or suggest contacts in the lending field. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
0 votes
Allen Breland…, Agent, Atlanta, GA
Thu Jun 6, 2013
You have a number of options today in the real estate market and the down payment amount is going to be an asset in qualifying for financing. Depending on how you apply for a loan, that will dictate your purchasing power. Great question and keep them coming!
0 votes
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