buy a 2bedroom home in Mesa credit score running 630. What are my chances of finding financing Viola?

Asked by violaortega, Mesa, AZ Sun Jan 6, 2013

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Jessica Bate…, Agent, Beverly Hills, CA
Sun Jul 28, 2013
I work with a lot of people who have less than perfect credit, seems like you can get approved now. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good Luck!
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Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Tue Jan 8, 2013
Hi violaortega,

Congratulations on your decision to buy a new home.

When I work with my clients, I review their credit report to determine what can be done to help increase their scores. The higher their scores, the better terms they will receive, whether we are looking at a 630 to move up to a 640 or higher or a client with a 730 score & increasing that score up to a 740 or higher. There are some quick fixes that are available to help increase your credit scores.

Out of the gate, we work with clients to approve their loans with scores as low a 580. Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

Sun West Mortgage USA, Inc. (FN)
NMLS Company ID: 3277 / Branch ID: 359295
8950 East Raintree Drive, Suite 200, Scottsdale, AZ 85260

Sun West Mortgage is a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Repair Hold-Backs!
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Amy O'Rear, Agent, Gilbert, AZ
Mon Jan 7, 2013
Your chances with a 630 FICO score are very good! Of course there are other factors that come into play, long you have been at your current job, your current income, your debt-to-income ratio (the dollar amount you earn every month in relation to the dollar amount you pay on your debt every month), etc.

Your first step should be to get in touch with a reputable lender and get pre-qualified for a loan. This will not only give you an idea in what price-range to look but also, a pre-qualification from a lender is needed when an offer for a home is submitted.

Feel free to contact me. I will be glad to talk with you in more detail and put you in contact with a reputable lender.

Best wishes,

Amy O'Rear, REALTOR®
Direct: 480.664.9950
Mobile: 480.580.1221
Office/Fax: 602.503.4280

2680 S. Val Vista Dr, Suite 101
Gilbert, AZ 85295

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Stephanie We…, Agent, Gilbert, AZ
Mon Jan 7, 2013
Your best bet is to speak to a lender but here's some info:

FHA minimum credit score is 530. New FHA policy requires a minimum credit of 530 to buy a home or refinance. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed. Often, 12 months of rental history is required for credit score below 620.

If you have credit scores below 580 new FHA changes require a 10% down payment. All funds must be the borrower's own funds. No gifts are allowed and no seller's concession allowed. Many times 3 to 6 months reserves may be required.
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Jennie Miller…, Agent, Phoenix, AZ
Sun Jan 6, 2013
You should speak with a lender to find out if you get financing for a home.
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Brenda Sanfo…, Agent, Mesa, AZ
Sun Jan 6, 2013
You will need to talk to a lender, which I can give you names and numbers to call on. Or we can find a Seller Finance property and go from there.

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Mark Hardy, Agent, Mesa, AZ
Sun Jan 6, 2013
Give me a call and I'll have you talk to my preferred lender and we will get you qualified. 480-773-5195
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Brenda Rowen…, Agent, Scottsdale, AZ
Sun Jan 6, 2013
I can offer you many properties that are seller financed. We have investors and others that will carry the financing for you. Then once you can re-finance when your score is just a little better you can contact a loan officer. Call me and I will help you! 480-776-9909
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Bill Parker,…, , Scottsdale, AZ
Sun Jan 6, 2013
Hi Viola:

As with most things, it depends...There are definitely loans out there for people with 630 credit scores. Some questions which need answering are: Why is it at 630? Have you had a recent adverse event (Short Sale, Foreclosure, Bankruptcy, etc.) which may require you to wait awhile before lenders will consider lending? How recent have other credit issues been (FHA is your best bet with that score, but they want a clean credit history for 12 months)? Do you have the needed funds for a down payment under FHA (3.5% for most borrowers)? ETC., ETC.

So, your best bet is to find a licensed mortgage loan originator (look for a NMLS # after their name) and discuss the particulars of your situation to determine if you can qualify now, or need to fix a few things in the short-term, or need to wait a bit longer...No one can say "Yes" without knowing your individual situation.

Good luck.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
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Kim Shallue, Agent, Gilbert, AZ
Sun Jan 6, 2013
The best thing to do would be to visit with a lender. I have several I work with and would be glad to help you find someone who can help.

Kim Shallue
Keller Williams Integrity First
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