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hi i was wondering if me and my husband would qualify for a home loan of about 200, 000 we are fist time home buyers .... also my husband credit is like 650 last time we checked and i dont really have nor good or bad just starded building my credit..... Do you think we have a change??

by Carmen Miramontes from Casper, Wyoming. Feb 24th 2011 Reply


Rich Constantine (rconstantine)
#401 ranked lender in California - 79 contributions

Carmen, when looking at your FICO score and buying a home you need to have a 640 or higher. FHA requires a 640 FICO score and takes the lowest FICO to qualify, if there are 2 borrowers, and if 1 borrower, FHA will take the Middle score, when all 3 credit bureaus report scores. I do work with all 3 credit bureaus and can improve FICO scores within 3 days, if there is something that is fixable. Since you are just starting to build your credit it is important to not be late and any debt in the last 12 months. Hope this helps. Click on my link for more info. RC

Feb 25th 2011
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Bruno Tori (btori@myhsoa.com)
#37 ranked lender in Utah - 1 contribution

Carmen;There many variables when qualifying for a mortgage. It is very important that you speak with someone so that they can give you an idea on where you are.I can provide you with a Free consultation over the phone. Call me at 801-548-0572. I can tell you over the phone what options you have.sincerely,Bruno Tori801-548-0572Community Bankerhttp://ut.hsoahomeloans.com/btori

Feb 24th 2011
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Alexander K (alex@ogimb.com)
#402 ranked lender in California - 56 contributions

Carmen, the good news is $200,000 is not a very high loan amount. For an FHA loan, with an average interest rate of 5% right now with minimum down payment (3.5%-5%) your payment should be around $1,100 per month (just an estimate with mortgage insurance). Call me ASAP! 213-739-4332 if you're looking to buy in California and ask for Alex. Chow!

Feb 25th 2011
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Daniel Lotter (dnllotter)
#27 ranked lender in Colorado - 58 contributions

Give us a call - We can get you and your family into your new home in less than 2 weeks. Give us a call anytime: Call Daniel Lotter/CEO 877-489-8249 - Thanks - Tri Star Funding, LLC

Feb 25th 2011
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Hi Carmen. FHA allows credit scores down to 580, however, it is almost impossible to get financed below 620. Most states have down payment assistance programs allowing scores down to 600. Based on a 650 score, you should have no trouble obtaining a loan. There are other things that come into play, though. Your debt to income ratios play an important role, as well.I am available to talk to you further should you need to. I am able to help folks in 47 states and can be reached at 866-901-3576 or PatrickM@Northpointe.com

Feb 25th 2011
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Dan Paladin (dpaladin)
#2 ranked lender in California - 567 contributions

Yes...there are programs available for the scenario you describe...Most likely an FHA program. Best to consult a mortgage professional for a detailed analysis to provide you with your options. Feel free to contact me for a no obligation consultation. 877-369-4319

Feb 25th 2011
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VIkki Nguyen (VikkiNguyen)
#411 ranked lender in California - 13 contributions

Whether you're looking for 100% financing, low down payment options , each mortgage program has its own qualifying guidelines.There are government insured loan programs, such as FHA, USDA and VA home loans, as well as conventional;A mortgage professional will take into consideration your individual LTV, DTI, Credit and Property Type scenario to determine which loan program best fits your needs and goals. call 800-552-8670 ext 122

Feb 25th 2011
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Rudi Hofmann (CaPortfolioLoans)
#283 ranked lender in California - 380 contributions

To find out, the most it will cost you is for a credit report. ... Find a lender you're comfortable with. ... Then apply for a loan. .... Happy funding, Rudi

Feb 26th 2011
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