credit scores

With credit scores of 562,582.609, What are my chances of obtaining a mortgage? Combinned income, husband & wife is $2700 monthly.  At what rate ???
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February 14 2013 - Port Saint Lucie
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Answers (6)

We have a mortgage calculator on Zillow that might be of some use to you.  Mortgage brokers are always a more precise and accurate choice, preferably two, so you can see your options.
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February 15 2013
A mortgage professional is your best friend in this situation. He or she will guide you through the process and help determine if you're eligible for a home loan. You can contact your local bank, credit union or a private mortgage company. The better the credit score and lower the debt to income ratios, will get you a better interest rate and higher loan amount. Best of luck!
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February 15 2013
Visit with at least two mortgage brokers and ask them to explain how to improve your credit scores. 
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February 15 2013

Gather all your financial documents and shop around for a mortgage broker that can explore all your options.  Mortgage broker have access to many banks, private lenders and different programs. Any lender will need to review your employment history, debt levels, the amount of cash that you have in your account for a down payment & closing costs, and last but not lease your credit score, before they start talking abourt mortgage rates.

Best of Luck,

Maria Cipollone

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February 15 2013
Profile picture for wetdawgs
The chances are pretty slim, and if you find a mortgage lender your rates will  be higher than market rates.

I agree with Cindy.  Spend time learning what is making your scores so low and put together an action plan to bring them up.
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February 14 2013
You may need to figure out what is bringing down your scores and get your credit in better shape. You can get copies of your credit reports, all three, at www.annualcreditreport.com and then go to www.myfico.com and get advice on getting the scores up. Often you can get with a lender who will advise you on what needs done specifically before you can get a mortgage. Ask any agents you know what lenders might give you some assistance. 

Sometimes there are things that are easy to fix that are weighing down your scores, like keeping too high of balances on some of your credit cards. If so, you can often pay those down and see scores climb quickly, over a couple of months. 

There may be lenders out there who will do an FHA loan with scores that low, but most have overlay requirements that start at 620 or more likely 640. 
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February 14 2013
 
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