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First Time Homebuyer Questions Topeka Ks

I am recently married(1 month) and my husband and I are wanting to start looking at houses. We are 31 and 32 years old. He has great credit(850 or so), and I don't have good credit(620 or so). Together we make about 82,000 gross per year. I make about 47k and he makes about 35k. We are concerned that my credit score may make it more difficult for us to get approved in today's economy.... We won't be able to put down 20% we are looking to put down the bare minimum. I know that it hurts your credit score to have credit checks run, so I was checking in here first for some guidance on whether you think that we might be approved or not. We are not wanting a house over 125,000... Any help would be greatly appreciated! by gorril_397_447 from Topeka, Kansas. Jul 31st 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

If your estimate of credit score for yourself is accurate, you will not have any problem getting an FHA loan. Many lenders will take a 620 or better. Some Lenders will even go down to a 580 score. However, if your husband is free of debts, he would most likely qualify for a loan amount that small without your cosigning. This will give much more favorable loan terms because of his credit score compared applying with your score. Good Luck!

Jul 31st 2012
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Cody Bellah (cody@communitymortgagekc.com)
#17 ranked lender in Missouri - 71 contributions

If you would like you can call me and I can give you a free quote over the phone without having to pull your credit. As the others said FHA can be done with minimal down payment and I would love to help you and let you know what I can do for you! Cody Bellah 816-256-0013

Jul 31st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Yes, your score will hamper your ability a little. Generally scores under 640 do not get the best rates or programs. My advice would be to meet with a local Mortgage Banker/Broker to see what your credit issues are. I find that with most people, it only takes a little tweaking to get scores from 620 to 640. I recommend a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options, including credit issue resolution and can properly guide you. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jul 31st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

I need more information, how much you pay out monthly? debts that are on your credit report?? And your score will work on certain loan programs, and if we can raise up to 660, you will have a lot more options ,and still low down payment.. There is a loan program out there that can put 3% down, and you can do that married , sole and separate, by your husband alone, if case you find a home before your credit raises.. other wise, FHA WILL work for the both of you... linda yourloanpartnerforlife@live.com and I can loan in your state.. either one of you a veteran????

Jul 31st 2012
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 33 contributions

Hi we are located in Topeka, Ks. While you can qualify if you credit score is 620 you will have pricing hits doing so. Depending on your other debts you probably would be better off having your husband alone on the mortgage. You would still be on the deed. Depending on the location you could do Rural Housing with zero down. FHA at 3.5% down and possibly conventional with 5% down. Feel free to call me at 273-5004 here in Topeka or email at kdwall@kdwallstreet.com

Jul 31st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Your credit score should not hinder you from buying a home, the rate you get will not be as good as it would be if you had better credit. You will have to qualify with your debt to income ratio as well.

Jul 31st 2012
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Mike Purkey (mpurkey)
#44 ranked lender in Kansas - 26 contributions

As said above, you may be in a situation where you could buy a home using just your husbands income and great credit score. This would most likely get you the best overall payment. FHA is a possibility if you need both of your incomes to qualify, but we would need to know more about your unique situation to determine which program would give you the best possible solution. Give me a call and I will help walk you through the various alternatives, including a program which requires no down payment. Thanks, Mike 316-259-5862 or mpurkey@primeres.com.

Jul 31st 2012
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Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 549 contributions

I agree with all the answers. With rates so low there are programs out there that bests fits you and your husbands current financial situaiton. Mid Nation Motgage Corporation is a direct lender for both conventional and FHA loans and we can get you into the new residence very fast. All our processors are level 1 underwriters. We have several loan originators licensed in KS so don't delay contact me at 816-914-9685 or sara.deere@mnmgo.com.

Jul 31st 2012
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