my credit score is 631 , i have annual salary of $44,600, can give 6 to 10% down would i qualify for a loan?

Asked by George, New York, NY Sun Sep 30, 2012

would I qulify for 0% down?

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Jessica Bate…, Agent, Beverly Hills, CA
Mon Oct 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!
2 votes
Dallas Texas, Agent, Dallas, TN
Sun Sep 30, 2012
0% is "thang" of the past.

No one can determine if you can qualify for a loan TILL you complete a loan application and mortgage broker can review all the particulars.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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1 vote
Le Green Sch…, Agent, Anderson Mill, TX
Fri Aug 30, 2013
George may not need this advice anymore, but you should also check for home buyer opportunity programs. You need to ask a local REALTOR(R), who is interested and experienced in helping first time and challenged home buyers. Many programs are specific to a particular area.

Austin has a cool program at Mueller that requires a buyer to have a great credit score, with low income, and they can get a great place in which at least 3 out of 4 homes are "luxury" and one out of the 4 is reserved for challenged buyers. There are also other programs that someone in your situation could qualify for no down payment purchase.

If you need help finding the right kind on agent in your area, I will be glad to locate one that
0 votes
Para Salters, Both Buyer And Seller, Dallas, TX
Fri Jul 26, 2013
How much of a home are you trying to buy..give me a call 972-673-4193 ext. 153 and I can run the numbers for you...cheers
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Sun Sep 30, 2012
What you qualify for will depend on other factors.... Like other debt payments. Your total debt ratio shouldn't be more than about 43%

Ex. You could get something up to $1600/month if you have no other debt payments.
If the car loan is $400 then you can get $1200/mo payment.
Another $100 in credit card payments? Then you can get something with a $1100/mo payment.

Now, these are all round numbers to just show an example. You need to apply to know what you qualify for.

What can you AFFORD?
0 votes
George, Home Buyer, New York, NY
Sun Sep 30, 2012
Thanks Tom and Carla, I have another Question..
According to my salary and my score How much of a house and APR rate I can Afford

Thanks !!
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Sun Sep 30, 2012
That score is enough. Down payment is enough.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
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0 votes
Carla Pennin…, Agent, Georgetown, TX
Sun Sep 30, 2012
You probably can get a mortgage. You are certainly very close on the credit score. I would be happy to work with you and help you get with a lender to get the definitive answer. I see you are in New York. Have you already relocated or are you coming soon?
0 votes
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