My husband has fico score of 628, i have one at 590....?

Question

we make about $100,000.00 a year. do you think it is possible to qualify for a mortgage of about $570,000? with maybe a down payment of $20,000? maybe first time home buyers programs? please help, we need to move out of our current place!!

yeah, unfortunately, living in the san francisco bay area, $570,000 is really cheap!!! all i owe is a car and only a couple hundred on a credit card. my current credit is very good. but the score is low because of things from about 6 years ago. it just hasn't cleared yet.

Answer 1

Call your local bank and ask them. They will ask a few simple questions about debt to income ratio and previous credit history.
It's free!

Answer 2

That fits into the area of a jumbo loan (over $417,000) and in fact is harder to get than a subprime. Personally with that credit rating and that small amount down do not think you have a choice

Answer 3

570,000 at 7% over 30 years is 3792.22 before taxes and insurance. That appears to be 50% or more of your gross monthly income.

Answer 4

$100,000 a year? It depends on what your other debts are insofar as car payments, credit cards, etc.

From first glance, however, it does appear you and your husband are attempting to live like high rollers without earning high rolling salaries.

To be honest, those credit scores aren’t great and you need to demonstrate a little more financial responsibility before you take on a debt as large as that mortgage.

Other than that, it’s difficult to asses the practicality of your situation without further details.

Answer 5

Yes that seem doable. At least one of you has a decent credit score. Contact me for a pre-approval.


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