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my fico score is 725 and my wife is 600.we can put 50% downwe are retired and total monthly income is4775 with 300000 in cash assets. can we get a mortgage for 120000?

by johnedadas265 from Hillsborough, New Jersey. Nov 18th 2013 Reply


Jamie Lynne (nationwidelenderforyou)
#141 ranked lender in Texas - 576 contributions

We would go by the lower of the two scores, unless you do not need your wife's income to qualify. Call our Jersey office and ask for Bart at 973 979 4100. He has been in the mortgage business since 1987, and happy to answer your questions.

Nov 18th 2013
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Peter Traum (njlenderspeter)
#56 ranked lender in New Jersey - 16 contributions

John from what you describe it sounds like you would likely be fine qualifying for a $120,000 mortgage. I am in New Jersey and cover your local area. In addition if you are looking to buy I know several good agents in Hillsborough and the local area who can help you. Contact me by e mail at peter@njlenders.com or by phone in my office at 973 993-5858. Thanks.

Nov 18th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Hi john, Yes, we go down to 560 scores and are local with offices in North Arlington and Summit. Call me @ 908-516-2190 Ext. 301 or send me an e-mail: carlos@keypointmtg.com to discuss all your options.

Nov 18th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

We are a NJ Bank. As long as you do not have a clot of debt. Please contact me for more information:Jim MazzolaSun Bank732-501-4249http://www.hsh.com/lshow/sun_national.html

Nov 19th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

recommend you use some of your disposable income and assets to improve your wife's score. You won't get a very good rate with her at 600. You probably qualify with just your income (leave her off the mortgage but she can be on the deed) and you'd get a much better interest rate on your mortgage.

Nov 19th 2013
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

Sounds like you would be okay, but you really need to do a full loan application with credit to make sure. I would contact one of the qualified local loan officers listed here to get started. Best wishes,

Nov 19th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Yes, but there is literally a hundred ways to structure your deal.. here's just a couple of examples.. you could apply with just your name on the mortgage only, since your wife's score is so low.. . this way you get the best pricing.. you can add your wife to the title after your loan closes.. you could also purchase a home using a reverse mortgage.. you wouldn't need 50% down, you would have no payments ever, and you both can be on the mortgage and deed (assuming your both 62 or older).. if you would like to see all your options, then contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

Nov 19th 2013
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Mina Galab (minagalab@gmail.com)
#122 ranked lender in New Jersey - 92 contributions

Yes you can, if you still need help, I will be glad to assist you, give me a call at (201) 434- 0005.

Dec 17th 2013
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