Profile picture for user7507290

how much do you think we can get approved for?

my husband has a credit score of 667.  3 years ago we were 2 months late on our mortgage payment and it destroyed his credit.  he makes 244,000 a year and has not been late on anything since that time.  will we have trouble getting approved for a 350000 house?
  • December 10 2012 - US
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Answers (4)

Profile picture for Ofe Polack
Finances are too private to discuss on this forum, I suggest that you meet with at least 2 mortgage brokers to present your situation and see what they suggest.  The best of luck!!!
  • December 10 2012
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Profile picture for user7507290
Chris,  That credit score is his experian score.  I was on the loan that was late but I will not be on the new one.  He is paid by an employer and his pay has always increased and with this move it will increase immediately from 244000 to 264000.  There is also an explanation for the lates...we were being relocated and I thought that all the paperwork was done and that the relocation company was at that point responsible for the mortgage however, that was not the case so it shows that our mortgage was 60 days late.
  • December 10 2012
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Hello and Thank you for your post.

I have a few questions to ask about your post...
Is that your husbands mid credit score?   Are you on the loan?  
Is you husband employed and paid by his employer or is he self employed?
Does he have a history of his monthly or yearly income rising or declining?

Generally speaking you should be able to get approved from what you have posted.  Fannie Mae and Freddie Mac do allow for mortgage lates as long as their explained.  Perhaps the lender or bank you are using has additional guidelines that prevent this.

I hope this helps

Chris Perez - Real Estate Finance - San Francisco, CA
  • December 10 2012
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We will just be guessing so what you should do is make an appointment with the loan officer at the bank you use, since they already know you, and ask them. If they say yes (likely) then visit some other lender to see what they can offer.

tim
  • December 10 2012
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