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Getting Approved Factors.

Does credit or DTI weigh heavier on getting approved for a first time mortgage? My credit is ok, 615, but I started working to pay it down through debt consolidation program. But now my DTI has gone up because I am paying the debt now and some cases new reports of the debt were added to my credit. by nasor363 from Las Vegas, Nevada. Dec 26th 2018 Reply

Brad Henderson (bradthelender)
#28 ranked lender in Nevada - 25 contributions

They are both a factor independent of each other so neither is more important to approval. The best thing to do is an application so we can see the total picture and then we can guide you on how best to maximize your credit score and what would need to happen with the debts to qualify for what you want. You might be making it worse if you started paying on derogatory accounts. We can do all of this free of charge. It will only cost you some time. Call me at 702-328-3043 or go to my website to apply. Brad

Dec 26th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but in general.. there are many eligibility requirements to get approved.. a 615 score is low.. but we look at all 3 major bureaus and use the middle score for loan qualifying.. Most lenders require a 640 or above.. some go lower.. down to 600.. and even few go lower to 580 or less.. but understand that the lower the score, the more strict the guidelines and few that apply get approved.. with a 615 score, you probably have some derogatory credit that is showing... Also, what do you mean by "Debt Consolidation"? Is it a loan you are taking out to pay off other accounts? If so, then that could lower your credit scores.. Again, more info needed, but if you really want to know for sure, you should contact a mortgage banker/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 a Banker/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 banker/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 big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Dec 27th 2018
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