Credit score of 605, income is around $80,000 a year. Which companies would be a good start to begin for a home loan.

(1) | asked by: Adam Martin | share | 9 months ago | Report
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answer by Deborah Randolph    |   Contact Me
There are so many options out there! Start by calling a few local mortgage companies and banks. They all have differing loan programs so if one cannot help you there will be another who can. Be prepared to disclose your debts, such as a car loan or student loans (even if they are in differed status) and credit card balances. The questions might sound intrusive but are necessary to establish your ability to borrow. When that is done the lender will give you a letter stating your approved price range. You will need this when meeting with your Realtor and making an offer on the house of your choice. The seller will want to see this when considering your offer.
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7 months ago  |   Report   |   share
answer by Natallia Tsarkouskaya    |   Visit My Website   |   Contact Me
great question! It sounds like working on your credit score will help you get pre-approved. Some mortgage lenders provide a free credit repair program and will help you identify the factor that, when addressed, will increase your score. Also, you might benefit from down payment assistance (FREE money) if you qualify. be sure to speak to more than one lender to find the program that is the best fit for your financial situation.
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8 months ago  |   Report   |   share
answer by Ann Keehan    |   Contact Me
Getting your credit score up to 620, 640 or higher can benefit you in more ways than just a lower mortgage payment and interest rate. It usually is not too complicated and only takes a couple of months to make it happen.
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8 months ago  |   Report   |   share
answer by Donald Stark    |   Visit My Website   |   Contact Me
the VA does not require a credit score, only a DD214. Many lenders have layers that they put onto their lending qualifications. Contact several lenders and ask them if they have layers on top of the VE or FHA guidelines. It will take some time to make the phone calls but you will become a better informed consumer and will be able to get the right deal structured on your behalf.
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9 months ago  |   Report   |   share
answer by Eddie Alie    |   Visit My Website   |   Contact Me
There are several local lenders in NC that will work with buyers that have a 605 credit score (Mortgage Network Solutions, Movement Mortgage...etc.). Check with Quicken loans as well.
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9 months ago  |   Report   |   share
answer by Edie MacGray    |   Visit My Website   |   Contact Me
Hi David, How much do you have to put down? 3.5 or more? If you are a veteran you could qualify for $0 down. There is also a conventional program with $0 down but you will need a 620 score or greater and income limits apply depending on the county you are purchasing in. Ask your loan officer to do a "what if" to help you see how you can bump up your score to 620. This will save you some money with a lower rate. I know that First Guaranty and Pacific Union offer FHA and VA loans for scores below 620. These lenders are available through a broker . I have helped buyers with the same scenario as you and it can be done.
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9 months ago  |   Report   |   share
answer by David Maurer    |   Visit My Website   |   Contact Me
Most lenders require a minimum credit score of 620.
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9 months ago  |   Report   |   share
Lisa Perkins
answer by Lisa Perkins   
A good place to start is with your local bank. Also Movement Mortgage (they have local reps available) or Quicken Loan.
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9 months ago  |   Report   |   share
Lisa Perkins
answer by Lisa Perkins   
I would start with Quicken Loan, Movement Mortgage (email me for local rep) or the bank you normally use.
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9 months ago  |   Report   |   share
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