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Holly B | Will we get preapproved with 687 and 715 credit scores? |
My husband and I are looking to buya $250K house in Delaware. We make about $120K combined income. We are in the preapproval process, but want to make sure our credit score sound high enough to get preapproved for this much. Thanks!
Additional Details
We aren't putting any money down either. Thanks! |
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flashinvestments
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You'll be fine. I wouldn't worry about it at all. I've done people with much lower scores and income than you have. |
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Doctor Deth
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you might need 10% cash up front for down payment and closing costs - i can't see any banks offering no down mortgages anymore |
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Dentist H since 2001
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sounds good to me. |
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nj2pa2nc
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your credit scores might give you problems-expecially the 687. they should be above 700-but 750 or better would be the best |
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Beverly S
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Your credit scores should be fine. However there are other factors such as your debt to income ratio's & job history, proof of income, reserves & assets etc. No one can say until all of that is looked at. (Down payment funds need to be proved etc.)
Good luck! |
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Big daddy
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Absolutely, you should get pre-approved, the 687 might bring you down a little bit concerning the rate. another item not mentioned in the other answers is that you also need to consider how much of a down payment you want to make, the more the better, but there are programs with 3% down |
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The Eciv
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Your Debt to Income also comes into play for preapproval. Your credit should be fine (but as you already know is a little shakey), as long as you have the cash for money down and the income to support the payment.
For example:
Yearly Gross Income = $45,000 / Divided by 12 = $3,750 per month income.
$3,750 Monthly Income x .28 = $1,050 allowed for housing expense.
do the same X .36 for recuring debt..
This is fairly standard but can vary depending on lender.
GOOD LUCK!! |
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peewee_31061
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I don't think that there is any doubt that you won't get preapproved. Unless you have any delinquent debt now. I was approved for half of that with a score of 700 by myself. |
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