if you have a credit score of 693 can you buy a house

Asked by Carol, Spring Creek, NV Sun Mar 11, 2012

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Suzanne MacD…, Agent, Morristown, NJ
Sun Mar 11, 2012
Well you credit score is certainly good enough. There are other factors that go into a mortgage approval, such as a work history and ability to pay the mortgage payment each month, however, so the best thing for you to do is talk to a local mortgage lender. Not necessarily a big bank but an institution that specializes in writing mortgages. if you don't know one, contact a local real estate professional and ask to be referred.
1 vote
Linda Landry, Agent, Tucson, AZ
Sun Mar 11, 2012
Lindsay and Suzanne are correct; the first step for a potential real estate purchase is to contact a lender who will analyze your credit, credit score, income and debt to income ratio to pre-qualify you for a purchase amount the lender will be willing to lend you after your down payment. Most real estate agents have working relationships with a few lenders and will be able to provide contact information to those who may be a good match for you based on your needs. Some specify in rehab loans; down payment assistance and possibly REO properties.
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Ruth and Per…, Agent, Los Gatos, CA
Sun Mar 11, 2012
Hi Carol

Yes with a Credit Score of 693 you should be just fine.

However, the bank will need to see Income, Ratios of Debt to Income, as well as Reserve funds.
May want to consider a FHA loan, where the down payment can be as low as 3.5% and these funds can be gifted by a family member, and the loan is more flexible.

If you have 10 to 20 percent down, then you can pursue regular lender loans.

Start with your Credit Union or Bank where you bank and have a relationship.

Of course if you have done a Short Sale or Foreclosure in the last year you will find it very difficult
To get a regular lender to loan you.

Good luck.
Web Reference:  http://Www.ruthandperry.com
0 votes
Lindsay Murr…, Agent, Hillsborough, NJ
Sun Mar 11, 2012
Most likely, there are a number of factors that a mortgage lender will need in order to provide you with a pre-approval but good credit is a great start! I recommend contacting a local lender who can help you with a pre-approval and see what you can afford!

Good luck!
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