my wife has excellent credit score mid-700, good credit score mid-600, can we get a good home loan?

Answer 1

A good credit score is only part of the equation, what also must be considered is your debt to income ratio. and now days if you have a down payment, and closing costs. Although 100% financing is not completely out of the picture it has become harder because the decrease in worth of many homes, as the market is becoming saturated, (and that is going to get worse) and the tightening of available credit even for those that have a good score. I would wait another 6 months and see what happens before jumping into something, but that is just an opinion.

Answer 2

There's actually more to a loan then just credit scores. It depends on how much you make, can it be documented or does it need to be stated. Your scores definitely open more opportunities then someone with a lower credit score. Next, you need to figure out what monthly payment you feel you'll be comfortable with. A lender may be able to qualify you for more then you are willing to pay. So it's important to meet with a reputable lender and not just a big name lender as mentioned below. They are some very reputable lenders that are not part of a big bank that usually can offer more then the few loan products a bank will present. Your next question has to do with which score they use. If you are able to document your income or go stated income, then the lender will use the middle score of the main wage earner. If you go with a no income documentation loan then it is the lower middle score of the people going on the loan. If this is your first home, check with your state and locality to see if they offer any type of first time homebuyer programs that can help in rate and down payment and sometimes closing costs. I hope this helps. If you have any questions, please feel free to contact me with no obligation.

Answer 3

Yes you can.

While those are not the absolute best credit scores out there, they are above average. Depending on other factors, the actual loan terms and conditions may vary. Things like:
Income
Down payment
Debt (and income to debt ratio)
How long employed with current and former employer
Value of the house
Loan to value ratio (what percent of the house value is the loan.)

But, I think you are in good shape.

Advice:
Do your own research. Go to Bankrate.com and Bestrate.com and you select your lender, do not go through the "let the banks compete for you" websites. If the bank was really that great, they would not have to rely on some website for their business.

Answer 4

You most definitely can, and you can probably qualify with little or no money down. Just don't get caught up in an adjustable rate mortgage. They start out low, but you end up with high payments! Also, don't change jobs, don't take on any additional debt, and if there are some small balances that you can pay off, go ahead, but don't close out or cancel the account, because you need the good credit history to show on your credit report.

Answer 5

Sure. The weight of the loan will be upon whomever earns the most $$$. Your credit scores are only 1 factor in an approval but they are fine.

Answer 6

No problem. You should qualify for the best rates out there. Just don't fall into the adjustable rate trap. Get a fixed rate loan.

Answer 7

Yes, give me a ring. I would love to help you and your wife get a nice loan with low interest rate. Hope to be of service to you.

JD

Answer 8

yes you can but make sure you get a fixed rate adjustable are not good at all

Answer 9

Please don't go to those in here spamming for business. And please stay away from internet lenders.

Contact local lenders, they will know the programs that are available to you, maybe some government backed programs that offer very nice terms and rates.