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Indiana Mortgage approval with a median fico of 620-630

Hello,
I am a first time home buyer and also a teacher ( I do not know if this matters at all). My median credit score is hovering at 620-630. I do have 6% down but not much over that. My income is $4300 per month and my long term debts are $515 (a car note that my wife pays and she has separate income) I wanted to know if anyone knows of a mortgage company that would or could assist my family?

I do have 2 collections on my Eq report, 1 that is being reported on Transunion, and three on my EX credit reports( they are unpaid, disputed and some are duplicates)

I am seeking a $190,000 to $220,000 mortgage approval.

I do have a family member that is willing to go on the note who has 720+ credit scores and a income of $1550 with only one debt a $50 cc payment.
Could I get approved or should I wait to apply ( I have ALOT of inquires due to shopping around for a mortgage and trying to get credit established)

Also I have been with my current employer 5 months, but I was employed as a teacher with my previous employer for 15 years!

Any suggestions?
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January 28 - Fishers
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Answers (5)

There are a few things to address about your situation. First off, having a new employer should not be a problem since your last job was in the same field for over 15 years. So lenders will not have a problem with that. Also, your credit scores are good enough for different conventional and FHA loan options. It is also possible to obtain an FHA loan with collections if the amount is under $2000. It is still possible to obtain a loan if it's more than $2,000 but the lenders will need to look into your situation further. Other than that, it all seems good. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 29
Good Morning James, As a loan officer, I highly recommend that you learn about credit and how it affects your clients as it will probably help your business.  It has been law for about 30 years that mortgage inquiries are viewed differently.

You can learn more about credit at myfico.com or http://www.myfico.com/crediteducation/creditchecks.aspx

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January 29
"Inquiries won't hurt your credit score in regards to a mortgage and that's been set for some time now." Since when sir?
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January 28
Hi Chris, I do loans in IN quite a bit and nothing scares me off as we are a direct lender and can sidestep a lot of issues with a manual underwrite which a lot of banks don't do or won't do.  Send me an email so I can get you my contact info... Inquiries won't hurt your credit score in regards to a mortgage and that's been set for some time now. 

I need to see what the collections are about.  Medical is no big deal but disputes may have to be settled prior to buying.
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January 28
You have a great scenario.  You should speak to a loan officer see about getting you a pre-qualification and then on to a pre-approval.

It sounds like you have already been speaking with other loan officers?  what is their take on your case?

You should be able to do a "what if" scenario prior to pulling credit.
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January 28
 
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