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i have a 600 credit score and late payments on my stundent loans that are a year curre3nt i have an 62,000 a year job (nurse) now i want to buy my first home who out here will pre approve me right now

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi veedotLPN,

Welcome to the forum.

Your credit score is not too bad and you are on your job for a year. So you can be approved for a mortgage. There are thousands of lenders in this community. You can contact them or get "No-obligation free consultation" by filling up the form at http://www.mortgagefit.com/

Hope it helps.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Sat Apr 12, 2008 5:13 am Post subject:

your best bet is a mortgage using fha financing. most of the conforming loan products will require a score greater than 600.

fha is a pretty forgiving kind of product in terms of your credit past. you will need to ensure that any collection or charge-off accounts have been paid in full. your income situation seems to be favorable, certainly; and that your student loan account has been on-time for the past year is also favorable.

as larry suggested, you are welcome to seek advice from any of us here who are in mortgage lending.

jeffselan · Posted: Sat Apr 12, 2008 9:09 am Post subject: Welcome

Welcome to the forum! Also of benefit are the lessened down payment requirements of FHA and the decreased Mortgage insurance cost.

Also, if your credit is limited, your lender might be able to use non traditional forms of credit such as rental history and utility bills you have paid timely over the last year.

There are many other positives to with FHA I urge you to explore with your lender.

You have the correct idea to talk to lenders to get pre qualified. Once you have that, I suggest you talk to a Realtor in your area!

Hope that helps

Posted: Sun Apr 13, 2008 4:59 am Post subject:

Hello Veedot,

Welcome,

You are in a good position to get a great program. Your score is fair and whether through FHA or conventional you will get a decent program. You have good income and you are your payment history is clean consecutively for a year. You can also take out a credit card with a 500 credit limit to bring up your score up. Keep the balance in the credit card account at a 250 max which is half of the credit limit.

Good luck in finding your home.

Thanks,
Jeanette Smith
Mortgage Planner
Union MOrtgage Group

Jeanette · Posted: Sun Apr 13, 2008 5:02 am Post subject:

Hello Veedot,

Welcome,

You are in a good position to get a good program. Your score is fair and whether you go through FHA or conventional, you will get a decent program. You have good income and you your payment history is good consecutively for a year. You can also take out a credit card with a 500 credit limit to bring your score up. Keep the balance in the credit card account at a 250 max which is half of the credit limit.

Good luck in finding your home and getting a good program.

Thanks,
Jeanette Smith
Mortgage Planner
Union MOrtgage Group

gmakerley · Posted: Mon Apr 14, 2008 10:49 am Post subject:

i have to suggest that you steer clear of conventional loans. a credit score below 620 will NOT get you anywhere near as good a rate or terms as you will find with fha financing.

i also suggest you not obtain a new credit card while you are shopping for a mortgage loan. the inquiry as well as the establishment of new credit will create, at the least, a little blip on your credit score. any reduction in score is to your detriment.

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