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Will I be approved for a home loan?

I am single, earn 63k a year and would like to look into purchasing a home and give up renting.  I pulled my credit scores and there was a large difference in scores. Ranging from 550-660.  I'm not sure with those scores if I will be be approved from my credit union or my bank. There was some difficulty in my past credit history, but I have in the past 3 years not missed any payments and paid off a vehicle.  I have 4 credit cards and all but 1 are within 30% of the credit limit.  I currently rent for $1050/month.  What should I do to proceed? Work on my credit scores or talk to the credit union and see where I stand?
Thanks
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January 30 2013 - Atlanta
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Answers (6)

As long as your middle score is 640+ and your debt to income is below 35% you might have a shot but you need to contact a loan officer.
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February 08 2013
You should speak with a knowledgeable loan officer. They can find a lender and program that will work for you and your situation.
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January 31 2013
Michael said it already fine a lender that will go over all your options.  There are many programs available to the consumer to make sure they're making the right decision.  However only you will be able to know if it's right or not for you at this time.  Contact me if you need to get pre-approved
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January 31 2013
The best thing to do is to talk to a loan officer. They can tell you pretty quickly if you qualify. From what you are saying in your post, I would not be surprised if you would be fine.
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January 31 2013
Reach out to one or more Loan Officers and ask to get pre approved.
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January 31 2013
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Getting a mortgage is a nightmare these days. They want soo much paper work from you to the point where u wanna give up. My advice is first start this before u even consider mortgage application1) have enough $ for downpayment and closing cost & have it on ur bank in your account for at least 2 months. No large deposits except if its from work 2) fix your credit because you would have to explain why your credit is low 3)have all your paystubs, w2, statements. 4) be prepare to explain your bills and debts. Pretty much debt to income ratio DTI. If your dti is not good then your out of luck. A mortgage broker will have a tool to see how much u can borrow

Good luck
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January 30 2013
 
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