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Should we wait or apply?

We are a couple with very litter debt and make around $160k/ yr. Our credit scored are around 617 & 640. We want to apply but don't want to get rejected... Any advice? by apriljs858 from Ulster Park, New York. Apr 17th 2017 Reply


Luis Angel Lajara (llajara@contourmortgage.com)
#167 ranked lender in New York - 3 contributions

Hi,I think you can apply, there might be things that can be done with your credit score to bump it a little higher. If you happen to have any questions feel free to give me a call. Thanks. Luis Angel LajaraSenior Loan OfficerContour Mortgage Corp.347-334-9114

Apr 17th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

More info needed, but in general.. there are lending programs available where the minimum credit scores are 580 or above, but as a lender, we run "Tri-Merge" credit reports which looks at all 3 major credit reports.. and then we use the lowest mid score of all borrowers to determine eligibility... however, it takes much more than a credit score to obtain financing.. The real reason is why?? Why are you scores so low? BK? Foreclosure? Short sale? Unpaid taxes/liens? Unpaid/defaulted Student Loans? etc.. you could have a 750 credit score, yet if you haven't met the mandatory waiting period associated with some of these credit deficiencies, then you still might be denied.. So without looking at your complete loan scenario, it's impossible to to say if you can get approved.. but the good news is that it cost nothing to apply.. and with rates and real estate values increasing every day, I would suggest you apply now and don't wait.. once the mortgage professional sees your complete loan profile, they can advise you properly.. if you don't qualify now, then they can show you what steps you would need to take to get approved in the near future. I'm a preferred Lender with Arizona and California being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 17th 2017
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Steven Brand (StevenBrand)
#2 ranked lender in Minnesota - 93 contributions

You need to talk to someone who is licensed in the state you're looking and they'll ask the right questions to give you the right answers. Many lenders have the ability to do loans for people with a 617 score, but with some gentle credit advice... most SEASONED "mortgage guys" should be able to help get your scores up relatively quickly. I've been doing loans for over 15 years and licensed in MN, WI, AZ, IN and MA. SBrandMN.com or MilitaryMortgageGuru.com

Apr 18th 2017
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