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Do you think I'd be approved?

I have average credit, built it up myself from a 580 to a 660 about. I am about to get my update tomorrow and can provide exact scores. However I have high debt on my personal credit, scores would be much higher. I have one collection that is paid and has been paid for a few years, should be removed in 3-4 years. I make 40k with good job history 2 years +. I also have long rental history at my current apartment. I have high debt for my CC's but only about 1500 that I am paying before November 1. I want to close before January 1. My lease is up and wish to move into my first home.

I know that I need 'gift money' or just additional capital as well in my bank account. I am just worried and haven't applied for new credit in hopes I am approved or pre-qualified.
  • September 04 2013 - Salt Lake City
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Answers (6)

First of all congratulations on getting from a 580 to around a 660 credit score. That being said, nothing you mention above seems unworkable. Sounds like you'll be continuing to carry some credit card debt but welcome to America!  Assuming you don't have too much other debt (like car payments, student loans, etc.), you should have options.   Also, you may want to look into Utah Housing's program.  I serve many of my clients with this option as it allows a 100% financing solution so you don't have to stress out about the additional capital. You can Google Utah Housing or email/call me for their website (as we are unable to mention url's in these posts). Check that out as you fit into the income requirements.  Good luck!
  • September 16 2013
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Nothing you said here would disqualify you from getting a mortgage.  Sounds like the biggest issue is confirming your debt to income ratios and the amount you qualify to borrow.  In most cases (barring complex tax returns or unique income situations), that's not a hard thing to do.  I loan in all states, glad to help if you wish!
  • September 05 2013
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You have listed a lot of variables that can determine your ability to be qualified, but there are still other factors that a lender like myself will have to discuss with you in order to tell whether or not you can be approved. So far, all your finances seem good enough to get the loan you need. I would recommend a couple things. One would to make sure that you continue to make all payments on time and to not make any big purchases (like buying a car) between now and when you get your house. Second, you should talk to a loan officer so you can truly determined whether or not you can be qualified. There are lenders like myself who would be more than willing to speak with you so you can get the loan that you need.

If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!

Good Luck!
  • September 05 2013
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Everything you said sounds good. The only way to know for sure though would be to talk with a lender and get pre approved. They will look at everything from your credit to debt-to-income ratio and employment and make a decision based off all the information you give them. Give it a shot! Now is a great time to buy.
  • September 05 2013
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Absolutely. based on the information that you posted I would say there are a number of programs and investors that we could explore.  The fact of the matter is that guidelines have relaxed somewhat over the past 3-6 months.  If you mid FICO is 660 or greater you should be good to go.  I certainly would be happy to explain in more detail what i think your options are.   I would suggest obtaining a pre-qualification letter so you are you sure that you can pull the trigger should you find your dream home.  [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]  Many thanks Jay Levitt [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • September 05 2013
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Sounds like you have a good chance. Best way to find out is to talk to a lender. It's no cost no obligation to find out. I know several lenders who work with risky deals who might be able to help. Just message me and I can send you their contact info.
  • September 04 2013
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