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Credit score of 654, is it possible for me to purchase a home?

Looking to buy a home valued at 225k, have a down payment of 30k, middle score of 654. I make around 35k with my husband making 60k a year. If we can get a mortgage, what types of rate would we expect? I believe my husband's credit score is around 684. by joanna_881_581 from Lodi, New Jersey. Dec 6th 2011 Reply


Adam Heiligman (adam.m.heiligman)
#72 ranked lender in New Jersey - 1 contribution

Hi Joanna, I feel you could definetly get a house financed. You would probably get a FHA loan. I would apply online with me at www.adamheiligman.com. I work directly for Wells Fargo and we have many programs for you. Thanks Adam

Dec 6th 2011
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Joe Cafiero (JCafiero)
#20 ranked lender in Pennsylvania - 17 contributions

Joanna. There are options out there for you both conventionally and through FHA. Would be happy to help. You can email me at jcafiero@supmort.com. Superior Home Mortgage is a direct lender based in Southern NJ for almost 25 years and I myself have been in business for over 10. Look forward to working with you.

Dec 6th 2011
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Kevin Shanman (KevinS)
#55 ranked lender in New Jersey - 2 contributions

Hi Joanna,I would be happpy to work with you. I am the owner of a local business, Cornerstone Capital Financial Services, right in River Edge. I could meet with you and your husband in my office or your home, whatever is more convenient. Please email me at kevins@corcapfinancial.com or visit my website at www.corcapfinancial.com.I look forward to hearing from you.Kevin Shanman

Dec 6th 2011
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Jeff Cost (midwestlender)
#39 ranked lender in Ohio - 164 contributions

You will qualify on the lower of the 2 scores. You should see rates in the low to mid 4% range. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Dec 6th 2011
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 257 contributions

With a monthly gross income of almost $8,000, lenders will allow you to have total monthly debt of, safely, $3,600. I believe you would be able to get an interest rate in the mid-4s to low 5s. At 5%, your monthly payment including property taxes, homeowners insurance, and mortgage insurance (it must be paid if you're not putting 20% down), will be in the $2,000 to $2,100 range depending upon how much property taxes are in NJ. This means you cannot have more than $1,500 to $1,600 in all other monthly debt, that is, what shows on your credit report. Do you? If not, you're good to go with a conventional loan. Of course, you will have to qualify from many different standpoints, but based upon the info you gave it seems quite likely.

Dec 6th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Based on the information provided, you would qualify, but there is so much more then just credit score and income... Contact a local mortgage broker, not a bank, and apply with them. they have access to a vast number of lenders and can find the right lender match to your particular scenario. WilliamAcres.com

Dec 6th 2011
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 257 contributions

I made an error in my previous answer to you about your monthly payment if you are planning on getting a 30-year loan. My amortization table was set for a 15-year loan, rather than a 30. For a 30-year loan, your total housing payment at 5% for a $195,000 loan should be in the $1,500 to $1,600 range, which means you can have $2,000 to $2,100 in other monthly debt and qualify for this loan. I would strongly advise against getting an an FHA loan if you're going to put $30K down. Even though the interest rate may be .25% to .50% less than the interest rate on a conventional loan, roughly $30 to $60 monthly, the FHA mortgage insurance (MI) will be about that much higher than conventional, eliminating this advantage. In addition, you will have to pay 1% up front, or about $2,000, for an FHA loan. Also, with an FHA loan you must keep the MI for at least 5 years regardless of how much your home appreciates in value. With a conventional loan, it is conceivable for the MI to drop off much, much sooner. That means you will no longer have to pay the, approximate, $180 monthly FHA mortgage insurance anymore. If, say, the MI can drop off in 3 years with a conventional loan, you would save $4,320 over 2 years in MI compared to an FHA loan.

Dec 6th 2011
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Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

Good Morning Terry...Please feel free to contact us by phone or e/mail listed below...for--Financing Questions...Pre-Qualifications...or simply someone to bounce a few ideas off of...Take care RonMoney@RonWohlfarth.comwww.RonWohlfarth.com856-853-1234

Dec 7th 2011
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Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

Good Morning Joanna...Please feel free to contact us by phone or e/mail listed below...For--Financing Questions...Pre-Qualifications...or simply someone to bounce a few ideas off of...Take care...Ron...Money@RonWohlfarth.com...www.RonWohlfarth.com...856-853-1234

Dec 7th 2011
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