Nga Nguyen, Renter in Tampa, FL

hi! are we qualify for a home loan if my husband income is 50,000/year with credit score at 580, and my income is 30,000/year with credit score of?

Asked by Nga Nguyen, Tampa, FL Mon May 14, 2012

597 we are first time home buyer and our debt to income ratio is below 30%

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Margaret Has…, Agent, Tampa, FL
Thu Aug 22, 2013
You will probably have to raise your credit scores a bit more, but you must talk with a lender to get the specifics on what you'll need to do. Typically you'll need a credit score of 620 or more, but there are extenuating circumstances. Check with a lender to see what you need to do.
0 votes
Jeanne Gleas…, Agent, Apollo Beach, FL
Thu Aug 9, 2012
I work directly with a mortgage company. While I would say your chances are low of getting a morgage, there are always exception to the rules. If you have cash, your chances are better.

You might try working with a new home builder. They often offer credit repair and can get you in a new home by the time your credit score is up to par. I recommend that you hire an agent to guide you through the process and help you find the right builder. I would be happy to represent you.

Jeanne Gleason
Century 21 realtor
jeannegleason@c21be.com
0 votes
Erek Kirsten, Agent, Tampa, FL
Tue May 15, 2012
Hi Nga,

There are some lenders who will accept that score, and we have systems available to assist you to increase your scores as well. There are also many other circumstances you may take advantage of that do not require you to go to an institution to qualify for a loan, such as lease/option and owner financing. They are often superior to institutional financing.
0 votes
Beate Rodrig…, Mortgage Broker Or Lender, Sunrise, FL
Mon May 14, 2012
Hello,

I would need more information, what exactly is reported on your credit report (collections, late payments, errors that need to be disputed, etc) in order to guide you in the right direction.

There might be possibilities to improve your credit. Please feel free to contact me, if I may be of any service to you.

Best Regards,

Beate Rodriguez
Lic. Loan Originator
0 votes
Bill Szydlow…, Agent, Tampa, FL
Mon May 14, 2012
NGA,

there are still some mortgage lenders that go below 620 credit scores and they do not have to be private money lenders. It will especially help that you have the income and the low debt ratio. Let us know how we can help.

Bill Szydlowski
0 votes
Jim Caulk, , Tampa, FL
Mon May 14, 2012
I can help you.

813-495-4306
0 votes
Lauren Rodri…, Agent, Tampa, FL
Mon May 14, 2012
Although most mortgage lenders require a minimum FICO (credit score) of 640 in order to extend credit, there are private money lenders that are willing and able to lend money. However, some of the negative aspects of these kinds of loans are high interest rates and early payoff penaties. The rates usually are around 6% or more higher than conventional type mortgage lows. Those type of high rates make it difficult for the average purchase of a home to be affordable.

I would suggest that you get your most up to date credit score at FreeCreditReport.com and correct any errors you find by filing a correction with the credit agencies. This can be done directly from that wesite with no cost to you.

Also, if you do not use credit by paying cash for everything, that can affect your credit score as well. Credit scores are based heavily on responsible use of credit. Getting a credit card, auto loan, etc can help raise your score over a period of use.
0 votes
Charles David…, Agent, lutz, FL
Mon May 14, 2012
I was just talking to the lender that I use for most of my buyers in the Tampa area.
She has a a bank or a couple of banks that can go down to a 580 credit score but
there are a lot of things that have to be verified about your last one to two years
of credit history, especially the last 12 months. This along with being in the same
line of work will be the determining factor at the beginning. Good luck and If I can
answer any more of you question you can call me directly at 813-505-3474.
0 votes
Sally Grenier, Agent, Boulder, CO
Mon May 14, 2012
Unfortunately, most lenders require a minimum of 640 credit score. Sounds like you may have to do some work to get that number up. Talk to a local lender or mortgage broker who can review all of your financial info, and help you determine what you need to do in order to become qualified.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more