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horns05
Posts: 1
Registered: ‎02-09-2013

1st Time Home Buyer - FICO 667

My wife and I have never owned a home. We are in our early 50's, both work full time with combined income 85K annually. Retirement savings 125K.

Currently have 22K for down payment. Only debt is student loan of 2K balance and 1 CC with bal paid off monthly. Both cars paid off.

 

Just wondering if we would have difficulty in getting a mortgage. We are only wanting a 15yr mortgage.

 

Thank you

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: 1st Time Home Buyer - FICO 667

No. I don't foresee any difficulties as long as your mid score qualifies. Based on your profile, you could probably go conventional.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: 1st Time Home Buyer - FICO 667


horns05 wrote:

My wife and I have never owned a home. We are in our early 50's, both work full time with combined income 85K annually. Retirement savings 125K.

Currently have 22K for down payment. Only debt is student loan of 2K balance and 1 CC with bal paid off monthly. Both cars paid off.

 

Just wondering if we would have difficulty in getting a mortgage. We are only wanting a 15yr mortgage.

 

Thank you


No problems from anything you mentioned. Just depends on how much home you are looking to buy.

 

You havent mentioned what type of loan you were looking into. While your score you posted will qualify you for any type of loan, the rates will be different between them. Just something you need to be aware of.

Good Luck
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