topic Re: 631 Mid Mortgage Score - Can I still qualify? in Mortgage Loans

631 Mid Mortgage Score - Can I still qualify?

Anonymous — Tue, 19 May 2015 18:19:25 GMT

I am hoping to raise my scores over the next month as I pay down some of my CC balances, but I'm curious...with a 630 mid mortgage score, could I still qualify?

Past CO's - All paid back in 2011-2013

No collections

3 CC's (1 with a $500 CL - another with a $1500 CL - and the last with a $2500 CL) One of these accounts had some prior lates in 2011, but nothing since.

Also 2 newish tradelines from Aug 2014 & Nov 2014

Looking to purchase $75,000 condo with $7700 down

$15k in my companies Profit Sharing plan

My last question is is it still possible to roll closing costs into the mortgage these days? Or, is that a thing of the past?

I am looking to close sometime in July.

Re: 631 Mid Mortgage Score - Can I still qualify?

Anonymous — Tue, 19 May 2015 18:20:57 GMT

I'd like to add that my gross monthly income is $3,460.80 putting me at about $41,500 per year before bonuses (Christmas & yearly raise)

Re: 631 Mid Mortgage Score - Can I still qualify?

Anonymous — Tue, 19 May 2015 20:40:15 GMT

FHA goes as low as 580, but some lenders have overlays requiring 620 or 640. If you pay down your CC balances a bit, I'm sure you'll get there no problem.

The only thing you truly must pay out of pocket is your downpayment (minimum of 3.5% unless you are using downpayment assistance program). You can take a higher interest rate to receive credits to cover closing costs and prepaid items.

Re: 631 Mid Mortgage Score - Can I still qualify?

Anonymous — Tue, 19 May 2015 20:48:30 GMT

@Anonymous wrote:
FHA goes as low as 580, but some lenders have overlays requiring 620 or 640. If you pay down your CC balances a bit, I'm sure you'll get there no problem.

The only thing you truly must pay out of pocket is your downpayment (minimum of 3.5% unless you are using downpayment assistance program). You can take a higher interest rate to receive credits to cover closing costs and prepaid items.

Thank you dpeezy!

I know that I could potentially go the FHA route, but I remember my Realtor saying something about FHA not approving a loan that small, or was it the area I am looking to buy? Wauconda, IL...?

Not sure which she mentioned, but it sounded like an FHA mortgage wouldn't be a fit for my situation...are there restrictions on cost, and location/area when it comes to FHA?

Re: 631 Mid Mortgage Score - Can I still qualify?

Anonymous — Tue, 19 May 2015 21:40:08 GMT

@Anonymous wrote:
@Anonymous wrote:
FHA goes as low as 580, but some lenders have overlays requiring 620 or 640. If you pay down your CC balances a bit, I'm sure you'll get there no problem.

The only thing you truly must pay out of pocket is your downpayment (minimum of 3.5% unless you are using downpayment assistance program). You can take a higher interest rate to receive credits to cover closing costs and prepaid items.
Thank you dpeezy!

I know that I could potentially go the FHA route, but I remember my Realtor saying something about FHA not approving a loan that small, or was it the area I am looking to buy? Wauconda, IL...?

Not sure which she mentioned, but it sounded like an FHA mortgage wouldn't be a fit for my situation...are there restrictions on cost, and location/area when it comes to FHA?

FHA won't insure loans for all types of condos, but that's pretty much it. Were you looking at a condo?

Re: 631 Mid Mortgage Score - Can I still qualify?

Anonymous — Tue, 19 May 2015 21:41:25 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
FHA goes as low as 580, but some lenders have overlays requiring 620 or 640. If you pay down your CC balances a bit, I'm sure you'll get there no problem.

The only thing you truly must pay out of pocket is your downpayment (minimum of 3.5% unless you are using downpayment assistance program). You can take a higher interest rate to receive credits to cover closing costs and prepaid items.
Thank you dpeezy!

I know that I could potentially go the FHA route, but I remember my Realtor saying something about FHA not approving a loan that small, or was it the area I am looking to buy? Wauconda, IL...?

Not sure which she mentioned, but it sounded like an FHA mortgage wouldn't be a fit for my situation...are there restrictions on cost, and location/area when it comes to FHA?
FHA won't insure loans for all types of condos, but that's pretty much it. Were you looking at a condo?

Yes, it is a condo on a lake. So that might be why...