First Time Home Buyer

[Anonymous]

 I am a firsttime Home Buyer and these are my numbers,TransUnion 592 Equifax 528 Experian 560

I am wanting to buy a home. Would I have any luck on getting approved with numbers like these?

All three reports mirror each other in all the accounts, balances, etc. Why would the Equifax be so much lower than the others?

[Anonymous]

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jnelliott wrote:

 I am a firsttime Home Buyer and these are my numbers,TransUnion 592 Equifax 528 Experian 560

I am wanting to buy a home. Would I have any luck on getting approved with numbers like these?

All three reports mirror each other in all the accounts, balances, etc. Why would the Equifax be so much lower than the others?

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For one each credit bureau beats to their own drum and establishes what they feel should be a positive or negative on your report.  Example . I have a couple of installment loans from those high rate companies on all my reports.  They have clean payment histories.  Transunion put them in the category of having a good payment history will all types of credit.  Equifax put it as a negative because I got that type of loan instead of a per loan from a bank.  So of course my scores differ just not as much as yours.

While credit scores arn't the only thing its getting harder for people with low scores to get a mortgage because of the housing market/foreclosure problem.  Now banks are either changing or adding more rules for the fha program.  There are many programs for first time home buyers including down payment grants.  Talk to a local hud coordinator or www.hud,gov

[ShanetheMortgageMan]

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jnelliott wrote:

 I am a firsttime Home Buyer and these are my numbers,TransUnion 592 Equifax 528 Experian 560

I am wanting to buy a home. Would I have any luck on getting approved with numbers like these?

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As far as credit is concerned, it would depend on what negatives are on your credit.

Other important factors in determining mortgage approval is your debt to income ratio, which is a calculation of how much in monthly debt payments compared to your income.  The new mortgage payment would be included in that calculation, so to deterimine that we'd also have to know what sales price range you are interested in and what, if any, down payment amount you'd have.

Lastly, reserves/assets beyond your down payment & closing costs play an important role in qualifying for a mortgage too.