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My middle FICO is 681, does this credit score disable me from getting a new home?

I have a nice job that I started this year, prior to that was working in a different field (mainly construction), and I get paid roughly 50k a year. I'm currently cleaning up my credit, starting with credit card debt (currently around 4k) and an account that went to collections (will have paid off by next month). Besides a car a payment and usual renting expenses, I have no other debt. I have a home in mind, roughly 175k, but I don't really have much for a down payment, maybe 15-20k. Would this be possible? by truthb_991_315 from Lake Havasu City, Arizona. Dec 27th 2011 Reply


Fernando Albarran (fernando)
#61 ranked lender in Arizona - 26 contributions

There are a few programs, which from your details, you should qualify for. With down payments as low as 3.5% down, you should be able to buy the home without problem even with your change of employment. Feel Free to email me or call me with any questions. Fernando Albarran 480-559-9590 fernando@wjbonline.com

Dec 27th 2011
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David Kester (davidkester)
#79 ranked lender in Arizona - 18 contributions

Great news, We only need a 620 FICO score to get you approved for a FHA loan with 3.5% down payment. If your a Veteran we could provide a ZERO down loan. Or we can offer a 5% down conventional loan with 680 FICO.Call me or email me for more information.dkester@thelendingco.com or 602-628-6500

Dec 27th 2011
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Blake Kleckner (BlakeK)
#303 ranked lender in California - 221 contributions

Yes. Your 681 FICO score is sufficient to get you either a FHA, or VA (if you have been, or are, in the military), or conventional loan depending upon some other qualifying factors as well. Your work history may be a factor in getting thel loan depending upon how you can explain why you changed employment fields. With FHA, you only need a maximum of 3.5% down, VA nothing down, and conventional 5% or; possibly; less down. Check with a local mortgage broker in the area.

Dec 27th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,994 contributions

The short answer is no... 681 actually is a good score. And with FHA financing you only need 3.5% down. I'm here in AZ and would be more than happy to help you obtain financing. WilliamAcres.com

Dec 27th 2011
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Anthony Hood (tony@equityinvestmentcapital.com)
#90 ranked lender in California - 1,141 contributions

Unfortunately you would need two years in the same line of business but if you went to school for your new field that will count towards your two years. As for your credit, do you know your scores? Also how long have you had credit and when was your last late payment?Anthony Hood

Dec 27th 2011
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Bert Carpenter (BertCarpenter)
#42 ranked lender in Arizona - 1,733 contributions

681 is more than high enough to qualify for an FHA loan. Having already started to work on the collection account is great. FHA only requires a 3.5% down payment, and in today's market almost every deal includes the seller contributing enough to cover the buyer's closing costs. This means you could purchase your $175K home for as little as the $6,125 down payment. I am a licensed Arizona Mortgage Banker, and have done several transactions in and around Lake Havasu. You can check out my profile with Lender411 by clicking my picture. You will also want to check out the credentials of whomever you decide to deal with at the National Mortgage Licensing System at www. NMLSConsumerAccess.org. My NMLS # is 40586. I am happy to help. You can contact me at 480-889-9000 or Toll Free at 888-889-9950. I look forward to helping you.

Dec 27th 2011
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Why don't you spend a few minuets watching some video' on how to get it high before you refinance... www.thecreditguy.tv

Jan 2nd 2012
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