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My credit score is just over 700 (hubby's is much higher), we have over 20% to put down, will we have any problems qualifying?

Home loan - bay area by Tanyaw_534_133 from San Mateo, California. Jul 18th 2012 Reply


TED CANTO (themobilemortgagepro)
#89 ranked lender in Arizona - 5 contributions

Hi Tanya, Thank you for your inquiry. You most definitely have options available to you. It now just depends on your income and your debt. Reviewing this will help us determine how much you qualify for and what loan program is best for what you are financially planning to do for the short and long term. I would be honored to look over your scenario and provide you with an analysis on what is right for you. Give me a call and we can have a brief discussion and ensure that we cover any other questions you might have. Thank you,Ted CantoMortgage AdvisorDirect: 480.650.8602 *Go to my blog! www.tedcanto.comAcademy MortgageNMLS #: 228393AZ License: 0914145AZ MB License: 0904081National NMLS #: 3113CA-DOC228393

Jul 18th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

There's more to a mortgage approval than just a credit score... how much income, which type of income, type of employment, how much debt, etc.. the lender needs to know your complete profile to determine eligibility...if you really want to know for sure, contact a LOCAL mortgage broker, and apply with them.. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 18th 2012
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Great to hear! I was worried I was going to have to try & bump it up very quickly in order to get approved. My debt to income ratio is under 25% & my hubby's is completely paid off. I am feeling a little less anxious now! Thank you!

Jul 18th 2012
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Robert Le (robert_le)
#623 ranked lender in California - 36 contributions

You will not have a problem. The only issue is that you income and debt ratio. If you debt ratio is high, then you will not qualify. Also, if you had a Short Sale or a Foreclosures or BK, then you might have to go FHA loan. In you have none of those, then a conventional loan. I can help quatified you for a loan. Call me at 714-943-6499 or email at robert.le@greenvillemortgage.net if you have any questions.

Jul 18th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,344 contributions

Your question does not give any lender anywhere near the information needed to answer your question. Credit scores and down payment amounts are only a portion of the loan approval process. With that said, scores 700 and higher are excellent. 20% down is a great down payment. Contact a local CA based licensed loan officer for more information. Be sure to avoid bank application clerks. In MN or WI, visit www.stpaul-mortgage.com

Jul 19th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 798 contributions

Sounds like a nice deal, dont be nervous ...seek out a local broker how can shop your deal around for the besr rates and terms available

Jul 19th 2012
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Jameel Batshon (JBatshon)
#605 ranked lender in California - 3 contributions

Hi Tanya, Lenders main criteria is Credit,Income,down payment,assets,job stability. You have provided information on 2 out of those 5. if you want to be certain then you must allow a lender to Run whats called Desktop underwriter to see if you get an approval. My office is 5 min from San Mateo in Burlingame. My company is a Banker/Broker and we can provide the best rates, we have more options than most, and best of all our customer service is outstanding Honesty, Intergrity, Excellcence. I can also provide you a quote within minutes..... give me call 510-714-0453 JBatshon@crafgroup.com

Jul 19th 2012
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Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions

Tanyaw,It looks like you got a pretty good picture from the answers that you just need to get qualified and do yourcomparative shopping. Loan Officers and mortgage consultants differ in levels of experience and in the recordof their performance on behalf of clients. You want someone who has a proven track record of meeting clientsneeds in understanding their options and to a proper job of origination your loan. They need to oversee your loanevery step of the way and have a strong team they can count on and communicate with. They need to keep incommunication with you so you know regularly what is going on with your mortgage loan. They and their co. or mortgage bank should have a record of funding their mortgage on time and having satisfied borrowerswith the level of communication and their quality of performance.Please do include us in your search of a lender. I am here in the S/F. Bay area and our branch is a highly reputablebranch of a top 10 funder of FHA loans in the country last year. You can go to my web site at www.larrygraymortgage.comand there is a link to our branch website there. You can also check out Yelp and the name of our division (branch) Clear Lending.I was raised in San Francisco, visited relatives on the peninsula, and lived different places around the Bay Area.

Jul 19th 2012
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Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions

20% down is great, as little as 3% down is possible. It all depends upon your ability to qualify for the loan. FICOs are important, but the most important factor is your debt-to-income ratio (DTI). You and your spouse can have 800+ FICOs, great cash reserves, and excellent work histories, but if your DTI isn't in the right place, not much else matters. To simply determine it, total up the housing debt you will have once you purchase your home. This includes principal, interest, property taxes, and homeowners insurance. Add to that all of the monthly debt on your credit report--the minimum monthly payments. Divide that total by your gross monthly income (before taxes) and if the number that you get is .45 or less you're in a good place. You mentioned above that your DTI is 25%. Is that just for you or combined with your husband? Did you calculate it as described above? If so, .25 is great. You should have no problem qualifying for a purchase as long as you can meet all of the other lender guidelines. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, which is located in the San Francisco area, 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.

Jul 20th 2012
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