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Jepache | My wife's credit score is mid-700s, mine is high-600's, can we get a home loan? |
Additional Details
How do they choose which credit score to use? Experian, Equifax or TransUnion?
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dzwreck
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Yes you can still get a mortgage with a good rate as well. While most lenders will use the lower borrower's credit score for qualifying, a high 600 score is still very good in terms of mortgage lending. Unless you are looking for some type of 100% no doc or no ratio type loan or something, you should be completely fine. Best of luck to you and make sure you shop between 2-3 different mortgage lenders to make sure you are getting a good deal. |
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Jas
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Yes you most definately can. Those are good credit scores, especially your wife's. Your's is very good as well. My credit score has typically been in the 660-710 range when I have rec'd my home loans. You shouldn't have too many problems, just as long as you meet the other criteria that the banks will have (like down payment, income, etc.) |
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stephen l
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Yes; they usually use the middle score; not the high nor the low one. A good loan officer can get this deal done. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you . |
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healthsys2
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These scores are great, or at least good, indicators of your credit worthiness, but other factors will include job security, length of time at your current employment, your age, the value of the property you are attempting to secure, and the real estate market in your area. This may not be part of the question, but may I suggest that you look into a property with built in equity? By this I mean that you look at a property that is appraised at a higher value than the asking price. This build equity as security for you if any unforeseen circumstances come up.
I hope this helps. |
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Reginald S
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definately you can. I am a mortgage broker so if you want to see what you qualify for feel free to contact me. |
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Marshall D
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yes |
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lenderjayne
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There's actually more to a loan then just credit scores. It depends on how much you make, can it be documented or does it need to be stated. Your scores definitely open more opportunities then someone with a lower credit score. Next, you need to figure out what monthly payment you feel you'll be comfortable with. A lender may be able to qualify you for more then you are willing to pay. So it's important to meet with a reputable lender and not just a big name lender as mentioned below. They are some very reputable lenders that are not part of a big bank that usually can offer more then the few loan products a bank will present.
Your next question has to do with which score they use. If you are able to document your income or go stated income, then the lender will use the middle score of the main wage earner. If you go with a no income documentation loan then it is the lower middle score of the people going on the loan.
If this is your first home, check with your state and locality to see if they offer any type of first time homebuyer programs that can help in rate and down payment and sometimes closing costs.
I hope this helps. If you have any questions, please feel free to contact me with no obligation. |
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Your Property Path
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Your scores are good.The higher the score the better the interest rate, reducing your mortgage payments.
But its just one variable, I think the best thing for you is to go to a lender and get pre approved. It will give you real numbers to work with.
You should also comparative shop the mortgage. The Internet is a very reliable way to do this using quote engines. You can fill out a short form and have 4-6 agents bidding for your business in minutes. yourpropertypath.com offers a free quote engine under its mortgage section. Get some bids and also go to banks or mortgage lenders and compare. |
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Amy A
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I work for a mortgage company and we work with over 500 lenders and 12,000 different loan programs. If you would like, I can fax you a "quick app" which is just a one page quick application. It just basically tells me what we can get you qualified for and if not then I can let you know what will be the most important things on your credit to change and how to go about it. It'll take about 5 minutes for you to fill out the quick app. Is that something you might be interested in? It won't cost you anything so you really have nothing to lose other than 5 minutes.
Amy Albert
Lead Consultant
Real Estate Loan Centers |
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godged
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Yes.
Please don't go to bottom feeders in here spamming for business. If they are willing to violate the very simple YA TOU, what other unscrupulous acts are they willing to commit?
Go to lenders in your area with names you know, like Countrywide. Compare everything, not just interest rate to be sure you are getting an apples to apples comparison of the total package. |
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