gregorygarver.com

jl · Joined: 04 Sep 2004 Posts: 5

My scores are not that great, ranging frm 576-637 due to some things in the past. I have been working on them for the past year and they have come up some. I have 3 credit cards with combined balances of less than $200 and they are all paid in full each month for the most part. The only other actual bill I have is child support (which has always been current) of $350/month. I have been at my job for 23 months with a low 6figure salary. My question is....What are my chances of getting a first time Mortgage and where do I start. I tried one of the preapprovals that operates in the area that I want to buy (Alabama) that the Real Estate agent that I am working with recommended and have heard nothing-nada-zilch in 10 days. Should they at least contact me and say no way or maybe or leave me hanging?

MaryB6913 · Joined: 15 Oct 2005 Posts: 3

DO NOT respond to a spamming jackass on the site.Go see a mortgage broker in your area and sit and talk this out. They will find you a loan or tell you it is not possible. If at any minute you feel uncomfortable, LEAVE and find another Broker.Good luck

dappersmom · Joined: 26 Jan 2007 Posts: 3

if you dont have any lates in the last 12months...and have 2.25% for a down payment.you can go FHA....with 7% or lower for 30yr fixed

SpellCheck5343 · Joined: 20 Jan 2007 Posts: 10

You should not have a problem with your 23 month employment and 6 figure income. (I assume the six digits are all to the left of the decimal) It would really depend on where the middle score fell in that range to determine what you qualify for. The closer it is to the 637 number the better. If you middle score is 620 or above you should be able to get a solid rate and mortgage program. See a broker and get a quote. If someone does not respond to an inquiry within 24 hours I would move on, in this market it is way too competetive for bad customer service.I don't do business in Alabama, so for the Yahoo police, please don't delete this. Thank you

SpellCheck5343 · Joined: 20 Jan 2007 Posts: 10

A lot of lenders don't like to take the time to help people work through issues to help them get qualified. The others just don't know enough about underwriting.for example, an FHA loan could be done with those scores, provided other things such as being able to verify your income and the fact that you have money to put into the transaction took place.I recommend a direct lender, and one that won't over charge you for your credit issues, but will take time to treat you likea human (not just a number).

kjbuckeye8818 · Joined: 28 May 2006 Posts: 9

Find a new lender. The lender I recommend to my clients will answer her phone 7 days a week, even when she is on vacation. Local lenders will know about programs in your area that you may qualify for. There are tons of first time home buyer programs out there, you just need a decent lender to point you in the right direction.