Posted on: 23rd Aug, 2011 01:23 am
I currently have a 620 credit score. I make 55k yearly and am a single mother. Anyone knows where to go to get qualified for a mortgage? I am actually purchasing first mortgage but need to assure I qualify and get pre-approved before I put in an offer to the seller. I want to make sure I'm ready for the process. Any advice would be greatly appreciated.
Hi Guest,
With a credit score of 620, you will be able to qualify for a FHA loan. You won't be able to get a conventional mortgage as it requires a credit score of 700-720. You should contact the local lenders and apply for a mortgage in order to get pre-qualified. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you might qualify for.
Thanks,
Jerry
With a credit score of 620, you will be able to qualify for a FHA loan. You won't be able to get a conventional mortgage as it requires a credit score of 700-720. You should contact the local lenders and apply for a mortgage in order to get pre-qualified. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you might qualify for.
Thanks,
Jerry
Since you can qualify for a FHA loan, you just have to prepare for the necessary requirements. Just look for a mortgage broker to help you out with your preparation on your loan application, the quickest way to get approved on your application from your lender.
>>Anyone knows where to go to get qualified for a mortgage?
Start by asking relatives and close friends if they had a positive experience with their Loan Officer when they got their mortgage, and if they did, ask for the Loan Officers name and number.
Start by asking relatives and close friends if they had a positive experience with their Loan Officer when they got their mortgage, and if they did, ask for the Loan Officers name and number.
620 Credit is good enough to qualify for FHA with 3.5% Down Payment, pending there are no major collections outstanding as well as free of any judgments. Gather some recent paystubs, retrieve bank statements proving down payment funds and get the Pre-approval process started. Once pre-approved you can comfortably put in an offer to the seller. You'll have complete peace of mind throughout the process, once you find a mortgage broker/banker you're comfortable with. I hope this helps...
