I have 656 credit score, several years work history why can't I get a home loan

Good Evening. I'd be happy to take a look (for free, with no obligation if you'd like). You can call or email me directly through this site. I am working on the East Coast here in Massachusetts, so please feel free to let me know if I can be of any help! We are a Federally Chartered Bank and have access to a wide array of loan products. My initial guess is that you may have a high debt to income ratio and I can explain what that is to you directly. Happy to help so let me know. Thank you!

Credit score and work history are important when considering a borrower for a mortgage, but there's so much more that is also considered.. And without looking at your complete scenario, it's hard to say... All lenders will look at your mid score, not your highest score.. And most require a 640 minimum... Also, work history is important, but what type of work.. Have you had several jobs over the last few years or just one?? Are you commissioned, salary, hourly, self employed??? The rules are different for all of these types of income.. Also, why is your score low? Do you have outstanding federal debt such as student loans, or unpaid taxes?? Do you have any unpaid judgments?... Do you have any currently delinquent accounts?? as you can see.. There's so much more info necessary to answer your question.. For this reason, the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

That's a great question. I'd ask the same thing. It's certainly not your credit score or your employment it seems. What are you being told is the reason? Have you been turned down by a lender?

I am not sure who told you that you cannot get a home loan, but it shouldnt be your credit score or work history. could be a number of things or you could be perfectly eligible for a loan. We are a Direct Lender in PA. Call or email me to discuss further. PBotros@OmegaLoans.net 908-933-0253 x319(Peter)

Mortgage qualification is more than just a credit score, it is the total credit picture, the amount of debt you have (monthly payments compared to your income), downpayment, type of income you have (self employed?), etc. If your situation fits the requirements it isn't difficult to qualify - but be prepared for the documentation required. If you are self employed, for example, you may need 2 full years of tax returns showing enough income to qualify for the mortgage. Qualifying income is what you show after your business expenses. Check out my blog on this site: First Steps

The self-employed income may be the reason you are having difficulty getting approved... Like other lenders have stated above there is much more detail that goes into qualifying one for a home loan and often times it is difficult to document enough income when self-employed.

I specialize in Self Employed Income Borrower's and the analysis of what income is usable. I would be happy to look at your file if you'd like. I work with many real estate agents who are self employed as well as real estate investors, so calculating self employment income is not something the average loan officer is comfortable with. Again, I'm happy to help as everyone else is!

I live near your home in Malvern and will be glad to help you get to the answer and either get you placed now or find the items to correct so you can be eligible. Give me a call on Wednesday and I will have some answers for you the same day. Mark 302-449-7373 . We an approved lender with various government programs that can help and if there is a credit issue we can help you with this and not charge any fees to provide that help.

I live in Pennsylvania near you in Malvern. Call me on Wednesday and I will get to the bottom of this with answers the same day. We are a highly rated lender and an approved lender with the government programs that help people that have difficulty in getting an approval. If there is a credit issue we can review this with you( and charge no fees to help) so you can become eligible if your not already eligible. Call Mark at 302-449-7373

Score alone does not an approve make. Good work history does not an approval make. Go sit down with a local non-bank loan officer. Any good professional loan officer will take the time to explain your overall situation and if you can't, just exactly why you can not qualify today.

Not sure why you are being told that, if you can give me a few minutues we can go through your scenario and see what we can do, my phone number is 215-588-5370. I am local, Bucks county and will be able to help you. Talk to you soon.

You have a lot of good responses thus far. I will reaffirm that you need to sit down with a local qualified mortgage professional who has a vested interest in your ability to buy a home. Good luck and Happy New Year!

The only reasons would be your debt to income, loan to value or outstanding collections or judgements on your credit. We can help you get in a position to buy just give us a call and we will go over your options and help find you the Best Mortgage Option to suit your needs. Give us a call and we will help you! 201-962-3555 team@bestmortgageoption.comMichelle and Benny