Are we going to be able to get a mortgage?

Anonymous · ‎08-01-2007

My wife and I have exactly the same credit scores (weird, huh?):

TU 680

EQ 664

EX 681

I've heard that not many people pull EQ, and that TU and EX are the 'major' CRA's. We are going to be mortgage shopping pretty soon, I want to get an idea of what to expect.

If it matters, we are not going to spend more than 200k on a house, we have 3700 to put down (could be 13700, her parents are considering giving us 10k to help out if we need it) and our combined annual income is approx. 70k

Message Edited by michaelb31 on 08-01-2007 12:19 AM

Anonymous · ‎08-01-2007

I don't see why not, you have decent credit scores + decent down payment + decent income and it would help if you have little or no debt. Good luck and congrats!

Anonymous · ‎08-01-2007

You should be fine for just about anything. Most lenders actually pull all three scores and use the middle - which, yours is over 680, so you're fine.

$3700 down won't mean much - unless you have at least 2.25% down for FHA (which might not be available for your $270k purchase price depending where you live - FHA is a "low price" product for less expensive homes), you might as well save what you have, do 100% financing, and have the seller pay closing costs so that you don't wipe out every dime you have in the bank. Of course if your parents give you the other 10k...that's different.

Anonymous · ‎08-01-2007

Joe77 wrote:
You should be fine for just about anything. Most lenders actually pull all three scores and use the middle - which, yours is over 680, so you're fine.

$3700 down won't mean much - unless you have at least 2.25% down for FHA (which might not be available for your $270k purchase price depending where you live - FHA is a "low price" product for less expensive homes), you might as well save what you have, do 100% financing, and have the seller pay closing costs so that you don't wipe out every dime you have in the bank. Of course if your parents give you the other 10k...that's different.

Hi Joe,

Thanks for your input. The purchase price for the home is 200k or less, not 270k. We are looking in the Olympia, WA area.