credit score in the 600s, $10.000.00 cash look a house for my mother 3bed room 2 bath is it possible?

Asked by nellu202, New York, NY Fri Dec 7, 2012

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Maria Cipoll…, Agent, Coral Springs, FL
Sat Dec 8, 2012
It is crucial that you shop around for a mortgage broker, they have access to many banks, private lenders and different programs. Choose one that can answer all your questions and give you a pre approval letter for the amount that you can afford, in your first meeting.

Best of Luck,

Maria Cipollone

Century 21 Tenace
2 votes
R Wright, Other Pro, NY,
Fri Mar 15, 2013
Hi Nellu - As long as your credit score is above 620 it is possible. Of course there are other factors, such as DTI (Debt to Income), which will affect affordability. The #1 issue you will have in Mount Vernon is high taxes. If you shift to the Bronx, you will stand a better chance of approval.

We are presently building 5 town homes in Mount Vernon, expected to be completed in June 2013. Taxes are a bit lower on new construction. If you would like to discuss your options contact me anytime @ 914-299-0420.
0 votes
R Wright, Other Pro, NY,
Mon Mar 11, 2013
Hello Nellu - If you are ready to own a home we can help. Contact us anytime to discuss further @ 914-299-0420. We are available 24 hours.
0 votes
Christopher…, Agent, Tarrytown, NY
Sat Dec 8, 2012
Hi, your best bet is to contact a mortgage professional first. They will be able to tell you if you qualify for any special programs or loan type. I recommend Christian Babcock from Mortgage Master inc. 914.447.9691, tell him I sent you.

0 votes
Robert Grana…, Agent, Bronxville, NY
Fri Dec 7, 2012
If you are a First time home buyer and are buying a single family home or a condo, ask a Mortgage Broker help you with an FHA loan

If you wish to purchase Co-op, ask a Mortgage Broker help you with a SONYMA loan

Best of Luck

My Favorite Mortgage Broker is Cail Cahaney 914-441-3997|
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Dec 7, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer visit with any licensed loan officer. FHA loans require a minimum downpayment of 3.5% and most lenders prefer a 640 credit score...
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Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Fri Dec 7, 2012
Yes it is possible. You need a credit score of at least 640 and a minimum down payment of 3.5% down. You will likely want to gather some additional funds.
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