pre-approval advise

[stevenjr27]

Hello Everyone:

New here and I have started to work on my credit score as my wife and I are looking into buying our 1st home. Below our details:

My avg score 590

her avg score 700

combined income 85K

looking to pay down 10 %

current rent 1100

approval needed 150K

Is it possible to get pre-approved with our history? Was somebody in a similar situation and found a lender?

We appreciate any input!!!

Thank you!!!

[ShanetheMortgageMan]

What are the delinquencies/negatives on your credit report that is bringing your score down to a 590?

Are any of them in the last 12 months?

When you say "looking to pay down 10%" ... do you mean you are looking to put 10% down on the purchase price of the home?

If your wife makes enough money, it may be possible to do the financing in her name alone ... could result in more attractive interest rates & mortgage options.  How much does just your wife make?

How much are your minimum required payments on just your own debts (car loan, student loan, credit cards, etc.)?  How about just her own debts?

[stevenjr27]

Thank you for your reply.

No new debt, just old collections etc. I finally all paid off and/or setteled.

Issue is that I have the higher income compared to my wife. We are looking to buy something early 2015, but thought I should do some early research.

I am working to get my credit score up to around 650.

Our min req payments are for cars 610, student loan 75, credit cards 0, rent 1085...

Main question is, what credit score should I get to before we should start mortgage shopping?

[ShanetheMortgageMan]

Ideally a 620 score will work with most lenders.  640 for better rates if you plan on going with FHA, VA or USDA financing.  680 if you want better rates with conventional financing.