I am a potential first-time home buyer with a credit score of 625...Can I get approved for a 1st time home buyer mortgage?

Ok, so it takes more than one credit score.. You have 3 and your husband has 3.. The lender will consider the lowest mid score of all borrowers to determine your eligibility... the lender looks at your debt to income ratio, not your debt to credit ratio. so if you make $5K per month and your total monthly payments for all debt that shows on the credit report is $1000, then your debt to income is 20%... lenders will go as high as 55% DTI including your new housing payment... so to properly tell you how much you qualify for, we would need a whole lot more information... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Hi Angela: Based on your preliminary information it appears that I can get you qualified for a mortgage. Annie Mac Home Mortgage has a portfolio FHA program that allows borrowers with 580 or better scores to be approved. There are other factors involved other than scores so I need to have a full picture to give you accurate advice. I am a PA loan officer with my primary office in Reading. I would be happy to work with you to determine how much you can qualify for and second to get you pre-approved for that first home. Please log in to my website to do your preliminary research. www.MyHomeMortgageGuy.com. From there you can submit an application securely to allow me to gather the information needed for approval.

Yes your case has potential ! I am based in Pennsylvania and can give you clear direction over the phone today. Give me a call or let me know when is good for you over the weekend. Mark 800-485-1387 Extension 107

Your score is low, which means many lenders wont work with you. A small percentage will. Contact a local licensed loan officer. Give them a full application, and let them zero in on your exact options. The limited information here simply doesn't give any loan officer anywhere near enough information to make any sort of accurate decision.

It sounds like you and your husband have good potential but more information is needed. Give me a call if you would like to discuss more. 201-962-3555 Michelle