What should my income be and what credit score will help get me a 500,000 mortgage?

Asked by blue_ocean72, Santa Clarita, CA Sat Aug 24, 2013

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Alex Meguerd…, Agent, Valencia, CA
Sat Sep 7, 2013
My best advice to you would be to speak with a professional mortgage lender or a bank that will look at all your debt, income, credit scores etc. and calculate what needs to be done for you to attain this goal! If you would like some contacts of well seasoned and professional lenders I can always recommend you some lenders that I have personally worked with in the past that helped my clients reach there goals of purchasing there home. Let me know and Best of luck!

Best Regards,
Alex Meguerditchian
Web Reference:  http://www.AlexLAEstates.com
0 votes
Adam Ford, , Santa Clarita, CA
Mon Aug 26, 2013
If you are looking for a home preapproval is a must, if you don't know what your credit score is or if you are concerned about what may be on your credit report we can take a look at it and make suggestions how to improve your scores so you can get the best terms possible, It is nearly impossible to figure out the best course of action without having details about you, if you would like to talk about your options give me a call or send me an e-mail.
One thing I believe "prescription without diagnosis is malpractice"

Thank you,

Adam Ford
0 votes
, ,
Mon Aug 26, 2013
Most mortgages require a 680 credit score on a $500,000 mortgage. FHA will let you go down much less. My current company goes down to 620 on that, but some lenders will go down to 500.

I have friends that will go down to the 500 let me know if you would like me to refer you over to them.

Rich Littlefield
NMLS 287206
0 votes
Liz Fenley, Agent, Sherman Oaks, CA
Mon Aug 26, 2013
A minimum fico of 680 is needed by most banks to qualify for a real estate loan, no matter what the amount of the loan is. If your score is below this some banks may work with you but you will pay a higher than normal interest rate. As far as income goes, you will be qualified based on your Debt to Income Ratio (DTI). This calculation is not only based on your income but also your existing debt including credit card payments, car payments and other debt showing up on your credit report. The bank will look at your Adjust Gross Income (AGI) on your tax returns for the last 2 years to determine your income and then they will factor in your existing debt plus the new proposed house payment.

The best answer to your question can be gotten by going to your bank and getting a preapproval where they will ask you to provide tax returns and bank statements and they will run your credit report. After they have looked at all of this information they will tell you what you qualify for. Even if your income is $1 million a year or more, if your DTI is over 43% you will most likely be denied for a loan.
0 votes
Jacob Koshy, Agent, Valencia, CA
Sun Aug 25, 2013
Please contact Joseph for all your mortgage related questions, his contact information is below.
Jacob Koshy.

Joseph Chacko
Senior Loan Consultant
C2 Financial Corporation
2888 Loker Avenue East, Suite #221
Carlsbad, CA 92010
Direct: 619-758-5858
Biz com Fax: 1-888-680-7780
0 votes
Alexander Gr…, Agent, San Jose, CA
Sun Aug 25, 2013
Let me know if you need a purchase loan for a property because I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes
Jacob Koshy, Agent, Valencia, CA
Sat Aug 24, 2013
You need to have at least 43% income to debt ratio and 640+ credit scores, I do have a great loan guy his name is Joseph Chacko, phone 619-758-5858 please call him if you have any questions and let me know if you need any help to buy your dream home.
Please call me at 661-313-7038.
Jacob Koshy
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sat Aug 24, 2013
Get in touch with a mortgage broker that can explore all your finances and advice you properly. Mortgage brokers have access to many banks, private lenders and different banks.

Best of Luck,

Maria Cipollone

0 votes
Jennifer Ric…, Agent, Valencia, CA
Sat Aug 24, 2013
Hi Blue_ocean72,
I work with a great lender from Wells Fargo's Private Mortgage Bankers his name is Adam Ford. His number is 661.645.7760 give him a call he will answer any and all lending questions you may have.

Just let him know I referred you. When you're ready to buy I would like the opportunity to earn your business.

Jennifer Ricco
Remax of Santa Clarita
Web Reference:  http://riccosellshomes.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Aug 24, 2013
Credit and income are only two factors. Having down payment and debt that doesn't overwhelm your income are some others.
Generally a score from 640 or higher could be approved, it may be possible lower but the higher your score the better. Your income should be enough to support the payment, plus your other debt and have around 60% left over for other expenses. The exact ratio will depend on the strength of your credit, savings, loan program and the lender. It could be lower or higher.
I know I'm not giving you a direct answer, but it's more complicated than that. I would encourage you to speak to a great local lender to discuss your options.
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