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how much of a home loan can i qualify for?

hello, my fiancee and i were wanting to purchase a home together, our combined income per month is $4400the only bills we have is one credit card , payment of $25 mo and jewlery payment $45mo. i do have a student loan that is currently deferred,but will be consolidating to about $150 mo..our credit scores not to great ,his 606 mine 637how much could we qualify for? by latany_156_528 from Redlands, California. Jan 12th 2012 Reply


Gregorio Denny (GVDenny)
#245 ranked lender in California - 380 contributions

Credit scores are not the whole picture but your scores won't necessarily disqualify you. You may be able to qualify for an FHA mortgage with 3.5% down; please contact me and I'l be happy to discuss your options. I am in California and Licensed in California. http://WeFixRates.Com

Jan 12th 2012
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Joe Metzler (JoeMetzler)
#2 ranked lender in Minnesota - 3,712 contributions

Contact a local licensed Loan Officer. Give them a full application. This is the only way to accurately determine what any potential home buyer can qualify for. Anyone quoting anything without a full application is doing a great disservice to you.

Jan 13th 2012
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Brian Allen (ballen)
#1 ranked lender in Maryland - 191 contributions

Have to get the scores up to continue lets review your credit reporst to see what can be done we also need to know how much you have available for down payment with FHA you need 3.5% if you don't have your DP we would look at ways to obtain it saving for it, gifts from realatives are just some options. $280,000 would be a comfrotable starting point when scores get higher. I can be contacted at ballen@accessnational.com or 888-354-3299.

Jan 12th 2012
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Bert Carpenter (BertCarpenter)
#40 ranked lender in Arizona - 1,815 contributions

Most lenders today are looking for a minimum score of 640 or better to provide the best rates possible on an FHA loan, but there are lenders that will go lower, with added fees or increased rates. If you are like most, getting your scores to 640 should be pretty easy. My advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. 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. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. 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

Jan 12th 2012
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Michael Chandler (mchandler15)
#548 ranked lender in California - 7 contributions

Yes, there is a solution for you guys. You would qualify for an FHA loan based on the credit scores you provided, however they are very close to disqualifying you for the loan. Of course, there are other considerations that the underwriters look for the qualifications, but it sounds like you guys have a very low debt load....this is very positive. With 3.5% down payment, $275-290k would be a realistic number that you guys would qualify for, of course, both of you will have to be comfortable with the payment.....send me an email for no hassle free quote. I specialize in home purchase loans....mchandler@mylenderdirect.com

Jan 12th 2012
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Blake Kleckner (BlakeK)
#379 ranked lender in California - 255 contributions

With a $4,400/mo. income, your maximum allowable monthly debt to qualify for a FHA loan is about $1,800. It would be possible for this amount to be close to $2,200, but not for someone with a 606 FICO score. Very few FHA lenders will even extend you a loan with this score. Fortunately, we happen to work with one that will. Deducting your $225 monthly payments from $1,800, leaves you $1,575. That's the maximum monthly mortgage payment, including property taxes, homeowners insurance, and mortgage insurance a lender will allow, which equates to a home with a price of approximately $220K. You will need a $7,700 down payment (3.5%) and money for closing costs. Of course, you will have to meet all of the lender's qualifying guidelines. Out in your area, I believe $220,000 should buy you a really nice place because of how low housing prices currently are. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Jan 13th 2012
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Adam Webb (Adam.Webb)
#15 ranked lender in South Carolina - 19 contributions

First things first, we'll want to address the credit scores for each of you. Now days in order to qualify for a loan you will need a minimum credit score of 640. That's not too tough though. We would just need to look at your credit report and make some changes before rescoring it. Once that's complete I believe you could qualify for a mortgage up to $250K with 3.5% down.I hope you find this information helpful. Please contact me with any questions or concerns. I look forward to speaking with you shortly. Adam Webb, NMLS # 196458, Mortgage Consultant, First Charleston Mortgage, 1 (800) 968-3987 or adam.webb@firstcharleston.com

Jan 13th 2012
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