topic Re: is it a good chance i will get approved for a mortgage? in Mortgage Loans

is it a good chance i will get approved for a mortgage?

Anonymous — Sat, 27 Mar 2010 16:13:15 GMT

hello im trying to get a mortgage in north fl. i have over 20 years of credit history and my scores are eq 679 trans 659 ex 670

1 late payment about 10 years ago no collections and i have a credit card with thats 300 dollars away from being maxx out because of my son.

im looking to buy a house in the 70,000 range. do i have a chance?

Re: is it a good chance i will get approved for a mortgage?

Lel — Sat, 27 Mar 2010 16:23:40 GMT

Hello goodnews, and welcome to the FICO forums.

First things first, where did you get your scores? The fact that you are reporting an Experian score makes this an important question, because Experian FICO scores are not readily available to the general public, so this is probably not a true FICO score. If you got your Equifax and Transunion scores from the same site, then they are probably not FICO scores. There are a variety of other credit scoring models out there, often offered for free or at low prices ($8), but these scores are not used by mortgage lenders and may not be predictive of what you actual FICO scores might be.

It seems like you have a relatively clean credit history, though the nearly maxed-out CC is hurting your score. If you are able to pay that down to under 9% utilization of your credit limit, that will help your score.

There's more that goes into mortgage approval than a credit score. Other debt obligations (student loans, car payments) will be considered. Income (and employment history), property taxes, and insurance are also considered. But for a $70,000 home, you wouldn't need a tremendously high income.

If we are to assume that your FICO scores are roughly what you reported, then your scores are sufficient to qualify for an FHA loan with many lenders. If you want to go with a conventional mortgage, you wouldn't qualify for the best available rates.

Re: is it a good chance i will get approved for a mortgage?

Anonymous — Sat, 27 Mar 2010 16:54:51 GMT

eq score and trans score were done here at my fico and the ex was done by a friend who works at a loan office.

i dont have any student loans or car payments i have two cars paid in full on my credit report. my dealer ship is about 1 year old now

Re: is it a good chance i will get approved for a mortgage?

Anonymous — Sat, 27 Mar 2010 16:56:29 GMT

my son without me knowing maxx out my 10,000 credit card.

Re: is it a good chance i will get approved for a mortgage?

Lel — Sat, 27 Mar 2010 22:54:17 GMT

Hopefully your friend's inquiry wasn't a hard one.

The minimum monthly payment of your CC is going to be factored into your DTI calculation. What's your gross monthly income? Like I mentioned, your scores should be good enough for FHA.

I hope you've removed your son as an AU on your card.