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640-660 credit score can I get a mortgagel

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's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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. Also, to know much you will be able to afford, you can check out the given calculator: http://www.mortgagefit.com/calculators/howmuch-afford.html

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

yes, you [b:e9ca1f2ed8]definitely[/b:e9ca1f2ed8] 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]

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is the above score qualify me for a credit card?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, tam, it ought to.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

greg1's picture
greg1 | Joined: January 29, 2008 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

greg1's picture
greg1 | Joined: January 29, 2008 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Niki, the days of zero down are pretty much gone. There are programs around the country - reserved almost exclusively for the first-time homebuyer - that will allow nothing or a minimal down payment, but they are restrictive in nature.

Conventional loans at 100% financing are non-existent. Mortgage insurance companies have exited that business altogether in the last few years.

As you go about the purchase process, it's certainly worth the trouble to ask your lender(s) about putting no money down, but be prepared for a negative answer.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Trying to get pre approval for a mortgage with a credit score of 646 ... am I wasting my time?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi merrimom!

Welcome to forums!

With a credit score of 646, you won't be able to qualify for a conventional mortgage. However, you can definitely qualify for a FHA loan. You should contact the local FHA lenders in order to get a loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My wife has 786 score but only makes 45k. I make around 65k but my score is only 620. Will a lender allow me on the loan?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jason!

Welcome to forums!

With a 620 credit score, you may be allowed on the loan but you may not be the primary borrower of the mortgage.

Feel free to ask if you've further queries.

Sussane

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