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Middle credit score of 651, can I qualify for a new home mortgage?

With my credit, I make roughly 45k a year and I found a home worth 180k that would be perfect. I have 20k available for a down payment and would like to get a low interest rate if possible. Can I get a home with this kind of situation? Thanks. by pete.t_109_351 from Monroe, Louisiana. Jan 19th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,145 contributions

There is a lot of information missing, however based on the limited information you provided, you should have no problem getting a loan. FHA is the best based on sale price and available cash down payment... FHA requires 3.5%, or $6300 plus costs... contact a local mortgage broker, not a bank and apply with them.. they work with numerous lenders and can find the right one for your particular scenario. WilliamAcres.com

Jan 19th 2012
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Latoya Harrison (Latoya)
#12 ranked lender in Louisiana - 1 contribution

Hi Pete,Based on the information you have provided you would be the perfect candidate for a few products. Go to my website http://www.lhloans.vlending.com and put in a short application. Or feel free to give me a call. My contact information is on the website as well.Talk to you soon,Latoya

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

With the information you provided it seems reasonable that you should be able to afford that home. The biggest question that we don't know is what other liabilities do you currently have. This will affect your debt to income ratio which we typically want to keep at or below 41%. Of course we can go higher within reason. I'd recommend contacting a mortgage broker and starting a loan app. This will provide them with the full picture and they will be better able to assist you from there. 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 19th 2012
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Brian Allen (ballen)
#1 ranked lender in Maryland - 190 contributions

Yes, provided you meet other requirements credit score more than down payment will determine your rate but it seems you are ready to proceed please contact me at 888-354-3299 or ballen@accessnational.com or apply now at www.accessbrian.com.

Jan 19th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

With your credit score, an FHA loan is definitely a possibility and they only require a 3.5% down payment. Many deals are originated where the seller pays most or all of the buyer's closing costs. 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 19th 2012
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