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rossgn · Joined: 27 Jan 2009 Posts: 1 1.63 Dollars($)

my wife and I make 150k yr together, we have no bad date just a motorcycle loan. our credit score is 640 could be higher(just paid a lot of debt off waiting for them to report). Can I get a mortgage? Made offer on house yesterday.....

jameshogg · Posted: Tue Jan 27, 2009 9:50 pm Post subject:

Hi rossgn,

If your credit score improves in the time being, then you would definitely be able to get a mortgage. As both of you have a stable income and you have also paid off some of your existing debts, I don't think it will be difficult for you to get a loan.

You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them which will help you in knowing what types of rates and terms you may expect to get.

Thanks

gmakerley · Posted: Wed Jan 28, 2009 10:26 am Post subject:

i never knew a motorcycle would qualify as a bad date...oh well (typos always catch my eye!).

yes, you definitely can get a mortgage with a score in that range. your likely best bet might be an fha loan, since there would be no pricing adjustments required for the score.

don't worry about an improvement in the score, honestly. fha rates are quite similar to conforming rates, and you can put as little as 3.5% of the purchase price for down payment.[/b]

eric1 · Posted: Wed Jan 28, 2009 9:13 pm Post subject:

The post brings up a topic that I discuss with people quite often......never make an offer on a house until you KNOW what you can afford. In this case, you are asking IF you can even get the mortgage after you made the offer.

You should speak to a mortgage professional a few months before you are ready to make any offers. This allows us time to help clear up any potential debt or credit issues so that you can get the best possible rate under the circumstances.

Guest

Is the above score qualify me for a credit card?

gmakerley · Posted: Mon Apr 20, 2009 2:44 pm Post subject:

yes, tam, it ought to.

greg1 · Posted: Wed Apr 29, 2009 8:42 am Post subject:

2 of my lenders switched their minimum credit score to a 660. I think it may be the beginning of another industry wide wholesale move to a 660 minimum score. I really hope not. But, the last time lenders started transitioning to a 620 score this is the way it all started.

I do not feel it is cause for concern at this point. The 2 lenders were likely trying to reverse their delinquency ratio asap.

gmakerley · Posted: Wed Apr 29, 2009 8:51 am Post subject:

is this just a local situation, greg? i haven't heard any such thing - we are a direct lender here though we have opportunities to broker out where needed.

i think your last sentence hits it on the head, though.

Posted: Wed Apr 29, 2009 10:05 am Post subject:

The 2 lenders were wholesale lenders. Huntington National Bank 3rd Party Lending and 1st Advantage.

I think there is nothing to worry about until a major purchaser changes their credit score requirement.

I used to work for Opteum Financial Services for a short period of time. They closed their NE Region shortly after I joined them. Your company purchased them correct?

greg1 · Posted: Wed Apr 29, 2009 10:06 am Post subject:

Login is so touchy on this board. That was me.

gmakerley · Posted: Wed Apr 29, 2009 10:07 am Post subject:

yeah, they are now part of the Prospect family. all the old company names have been incorporated under the Prospect umbrella now, too.

eric1 · Posted: Wed Apr 29, 2009 5:46 pm Post subject:

I have seen a couple of banks raise their credit score minimum for conforming fixed to 660. However, they still maintain the 620 score requirement for the Flex 97 product.

Guest

I have paid all my debt off and have no active credit . I have a good down payment . I make 50,000 plus a yr. Would i be able to get a mortgage loan.

gmakerley · Posted: Tue Jan 25, 2011 2:14 pm Post subject:

Edj, the answer is "maybe." Having no active credit might just drag your score down, though it probably wouldn't hit bottom. A "good" down payment is in the eye of the beholder, just like beauty, so we can't say much based on that description. Making $50K annually will allow you to make monthly payments somewhere in the vicinity of $1200 or so dollars a month, maybe a bit more. Since we don't know where you live and what kind of housing stock you're looking at, we don't know if that payment will suffice for you.

There are so many variables in mortgage lending that nobody can give you a "straight" answer (not a gay answer either) to your query as posed. If you want to share some more details, I'm sure there are lots of lenders who'll pounce on you as quickly as they can.

Guest

Do banks ALWAYS need a down payment? Or is it possible to get a home loan without one??

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