Profile picture for user849543

Can I get a home loan?

I currently have credit scores of 597, 613, 633...paid off all debt and have 3 three credit cards, and owe 8K on a car.  Will I be able to get a home loan?  Also, I live in
Louisiana and will be relocating to Illinois; however I you like to buy a home first while living and working in LA...is that doable?
  • February 20 2013 - Sherman Oaks
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Answers (5)

Profile picture for user849543

thanks wetdawgs!!!! One one question for you or anyone...with my current credit scores is it possible to get an investment property loan?

  • February 20 2013
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Profile picture for wetdawgs
How long do you plan to have between purchase and making it your primary residence?  Do you have a job lined up in the area where you wish to buy?

You can buy a house in another state, but unless you plan to make it your primary residence within a specified number of days (perhaps 60, check with your lender), you will have to get an investment property loan.  

@Brian:  I suspect "LA" is the state abbreviation for Louisiana and had nothing to do with CA
  • February 20 2013
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Profile picture for user849543
Yes Paul I have that...but I want to buy in Illinois since I will be moving there. I guess my question is...can I buy a home in one state while living in another (temporarily)?  Will it be a hassle?
  • February 20 2013
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Perhaps but you will need to put down a minimum of 5%. Do you have that? If so, you could buy in Louisiana as long as you live there first. Let me know if you have any further questions. And good luck!

Paul
  • February 20 2013
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Profile picture for Brian GFL Capital
you live in Louisiana but are moving to Illinois but want to buy a house in CA because you live and work in CA? do you travel a lot for work?

the 613 mid score would be my biggest concern right now. ideally for a conventional loan you want a 620+ score. what could be causing the low scores? bankruptcy? collections?
  • February 20 2013
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