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best mortgage for 1st time buyer with little credit

i've got student loans left over and only one credit card. my score is 721 but do i have enough credit to even get approved for a mortgage, and which one? any help would be great as i have not owned before and am unfamiliar by linaono764164 from Lafayette, Louisiana. Feb 11th 2015 Reply


Jason Guerin (jason@areahomelending.com)
#8 ranked lender in Louisiana - 6 contributions

Give me a shout when you can (Jason at Area Home Lending in Baton Rouge) We do loans all over Lafayette. We can use an alternate form of pay history for credit in addition to what you already have. For instance, car insurance, rent, cell phone, etc.

Feb 11th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

There are options for you. The main factors in determining your approvability are Income, have you been at your job for two years? Debt to income, is your proposed debt to income, which includes all monthly payments on your credit as well as the proposed monthly mortgage payment, 50% or less of your monthly income? Your credit, which is great and your available funds to put into the transaction. Most likely you cwould be looking at a Fannie Mae my community loan which allows a 97% loan to value or an FHA 96.5% loan to value loan product. Good Luck!

Feb 11th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

If you have 3 tradelines that are open and active you will be fine for sure. If not then there are ways to make it work by using alternative credit such as car insurance, cell phone bills and things like this that can be added to the credit report to give you a history.

Feb 11th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

More info would be needed since credit is only one of about a hundred things that are considered when determining one's eligibility.. Ideally, credit scores of 660 or above will qualify you for most all lending programs.. which one would be best for you would be specific to your exact scenario.. do you have any down payment saved up, and if so how much.. any credit deficiencies? BK? Judgement? unpaid tax liens?.. you might not qualify at all if you have any of these credit deficiencies.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 11th 2015
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Erica Whiddon (erica@mylamortgage.com)
#26 ranked lender in Louisiana - 9 contributions

If you make less than $76k, I would suggest 100% USDA Rural Development financing. Email me and I'll send you the brochure and we can do the Pre-Approval today. That's an awesome credit score! I'd love to get it done for you.

Feb 11th 2015
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Erica Whiddon (erica@mylamortgage.com)
#26 ranked lender in Louisiana - 9 contributions

Call us to discuss 100% USDA Rural Development financing if you make less than $76k. That's an awesome score. The program requires 3 accounts that you have ever had for 12 months. We can use cell phone, rent, auto insurance, etc to supplement if you don't have the accounts on your report. I'd love to get it done for you.-Erica

Feb 11th 2015
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