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My hubby and I are looking to buy our first house. I have better credit scores and can probably get a mortgage in my name alone, however my middle score is not quite 620. Nothing late in three years, just high utilization and some old baddies still haunting. We will get our utilization way down this next month, but we want to try to close by Nov. 30. I haven't put in for a pre-approval because I am afraid its just not good enough. It doesn't help that have absolutely no clue what my Experian score is.
We have a down payment that is 44% of the list price of the house we are interested in. We did some searching and found the market value of the home, and we are thinking that is what we will put in as our offer. At that price, our down payment is 50% of the cost.
Will having such a large down payment help us get approved? I'm not sure if the 620 is the be all end all in mortgage approvals, and really thats what is holding me back.