Hi there all. First I want to thank all of the great contributors to this board. About a year ago I talked to a mortgage company about getting a loan. At that time my FICO was 549, needless to say getting a mortgage with that score was not an option. Spent the last 6 months or so getting my reports in order (thanks Lexington!), getting lots of derogs that were my fathers off of there (I'm a JR). Anyway, talked to the mortgage company again today and my score is now 613. The guy I spoke with today made it sound like I would be able to get a mortgage with that score if all other info checked out (W2's, Bank statments, etc...). So finally my question. With a 613 FICO do you guys think that I'll be able to get a mortgage and if so what kind of rate you think I should shoot for? My salary is ~$100,000/year and my only debt is $350/month car payment. Just wondering if anyone else out there has gotten a mortgage with a score in the same range as mine (I understand that under 620 is considered sub-prime?). Okay, I'll quit rambling now. Thanks for any replies. Take care.
RE: Question about FICO & Yes your score is low in the eyes of lenders but you will still be able to get a mortgage, the rate will be higher . What type of down payment are you going to be putting down?? And what type of loan program at you looking into??
RE: Question about FICO & Under 620 typically disqualifies you for Conforming Conventional but you should be fine FHA. Make sure your lender is using Fannie Mae or Freddie Mac automated underwriting for FHA. Assets go a long way to offsetting credit issues. David W David.Wacaser@BankofAmerica.com
RE: Question about FICO & Curiously, I know for sure that Bank of America has community lending programs in some areas for first time homeowners that accept low-mid 600 FICOs (conventional). Instead of checking the web, because they usually only have "cookie-cutter" programs, I'd get in touch with a real estate agent and explain to her your circumstances and ask for her advice. Also, check out http://www.nationalmortgagenews.com/ click on "Grapevine" This is a discussion board for mortgage professionals...probably not appropriate for a homebuyer to post to, but will give you a good idea of what kinds of low FICO programs/rates are out ther.
RE: Question about FICO & YOU have done very well. Congratulations. I guess Lexington worked for you. You will get a mortgage. NO Doubt About IT. Your salary means alot and your low debt. FHA is a definite. roni
RE: Question about FICO & Thanks for all the replies. I talked to the mortgage person again today and faxed him my W2's, paycheck stubs, bank statements and a couple of "paid off" letters for items that are still showing as having an outstanding balance on my CR, but have in fact been paid. I'll be sure to keep everyone posted on the results and thanks again for all the help I've received from everyone on this board!
RE: Question about FICO & I would say that you would be able to get at least a 7 1/2% FHA loan as long as everything is paid.
RE: Question about FICO & WIth that kind of debt ratio ... you should have no problems. Put 20% down and it should sail through (esp. with documentation showing outstanding negs. as paid).
