Can having a high income make up for a low credit score when applying for a mortgage?

As always the answer is "it depends" we are Direct Lenders in PA. If you would like to discuss further, call or email me with more details. 908 933 0253 office 347 231 4444 cell PBotros@OmegaLoans.net

No... In fact, it could hurt.. The question with the lender would be... why is your credit messed up when you make all this money.. However this is if your credit is severely trashed.. Everyone's perception of good or bad credit is different.. The question is what's your score.. 640 or above is required for most lenders using FHA financing, 660 or above for most conventional lenders.. Without seeing your complete profile, it's near impossible to say based on the limited info you provided.. You should reach out to a local mortgage broker, like Peter Botoros (above)... and let him look at your complete scenario.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

High Income and not hurt you or credit score. Things that negatively effect your credit scores are late payments, missed payments and high utilization on your credit cards. I hope this answers your question. If you need any assistance please contact me through my profile.

HelloHaving a high income can help with the mortgage process if you have a low credit score. The question is, how low is your score? What is the cause for the score being low. Reach out to me, I would be happy to assist.vishnu.ramsaran@pncmortgage.com

Unfortunately most of the banks today have minmum credit score requirements. Please give me a call and we can go over the tradelines that are affecting your score. How low is your score?Sharon7th Level Mortgage732 606 6264

Having a high income would help if your score is low. The question is, how low is the score and what is the factors causing a low score.Reach out to me, i would be happy to assist.vishnu.ramsaran@pncmortgage.com

It will definitely help your approval process with a high income...but again, depends upon how low your credit score is. If it's in the 500's, high income won't make a difference.

I tell my customer's that having high income means you're capable of making your payments in a timely manner; having a high credit score means you're willing to make your payments in a timely manner. Having high income is only one piece of being approved for a mortgage. And, honestly, a satisfactory score isn't always enough. (In today's lending environment the content of your credit report is just as, if not more important, than the score itself.) You need to sit dow with a good consultant to flush out what purchasing power you have based on what you, as an applicant, bring to the table.

Larger down payment may help in some circumstances.

Higher income CAN NOT make up for a low credit score.

It depends on how low the score is. It isn't so much your income as your debts compared to your income. A low debt ratio can help offset weak credit but you still have to meet the minimum score requirements regardless of your income.

The short answer is no. Regardless of your income, as long as your debt ratio is good, your credit score will be the determining factor along with other aspects as well. If you have a high income then we should be able to help you fix your credit which is the best way to go.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

You can go down to 550 FICO with FHA. If your score is lower than that you will probably need to get a few things cleaned up on it to get your score higher.

When credit scores are low having a low debt ratio is a positive factor in decisioning a loan.

Consider a larger down payment and a private lender, such as the seller.

Please define what the high income is. Having money in or assets in funds can help over come some credit issues but not all. Asset based loans are avalable in some cases. We also need to know what the low credit is and why.

No. There is not anything that can "make up" for poor credit. Your income can be used as a compensating factor but it will boil down to your credit history.

There will be a minimum credit score requirement in order to obtain a loan, so even if you have a high income if you do not meet the minimum credit score, you will not be able to obtain the loan. Good luck.

NO