I'm a first time home buyer with a 740 credit score..Can I qualify for a loan?

Hello Frank, From the looks of it you should be qualified but there's a lot more to it than what you may think. First off, the most important thing in a FHA purchase is sourcing of your down payment. We need to take a thorough look at your down payment source, unless its a total gift. Next, your credit is just as important as your spouse's credit (if you have one). Your score is over 680 so you will qualify for the max Debt to income ration. As far as income, you seem solid. Also, if you have an address of a selected property we should do some research to make sure it meeets HUD Guidelines. I can also do a huge favor for you if you are buying in the Signal Hill area. A HUUUGGGEEE favor...it will save you about $9500 in this situation. Call me 213-281-1789. Alex. I'm a direct lender and we have full HUD endorsement here so we can really guide you through this process. Regards,

Hi Frank:I see tons of potential for your purchase. A conventional loan is possible, but most people in your situation do focus on the FHA loan because it is more of a slam dunk. While you can retrieve a conventional loan with only 3% down, there can be caveats (Private Mortgage Insurance being one of them) that can have you arriving at the realization that the FHA loan is better for you.All in all, you appear to be a very good candidate and I see no reason for concern in your particular scenario. Please let me know if you'd like to gain pre-approval. I can have you setup on minutes.Thanks,Logan Drew, Americo Mortgage Corp./ Americo RealtyLogan@americodirect.comCell: 412-478-3992***I'm based in Orange County, CA. Please don't mind my out-of-state cell phone. I am actually working on a mortgage for a client buying a home on Walnut in Long Beach, CA. We know your area of Signal Hill very well too.

You look like a good candidate for a Home Loan. Call me as I work for a California based lender Your credit score is in the good to excellent range,meaning that you should have no problem in getting a low interst rate loan. We can qualify you and get you in the home you need. I can also get you some help with closing costs if you need it Give me a call at 540 293 9296 and ask for Gordon . I will explain everything in detail when you call

Based on the info you provided, you would be ok in any of these scenarios... WilliamAcres.com

Based on the information you provided, you should easily qualify for either conventional or FHA. The best thing to do is to work with a local Mortgage Banker/Broker. We can work through the different options to help you do an accurate side to side comparison as to which is better for your near and long term plans. I always recommend using a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Hi Frank: Your debt-to-income ratio is a bit high at 50% for the $500K condo (total monthly debt divided by total monthly gross income) based upon the info you have provided, so it could be difficult to get a loan. It's even higher for the $525K condo. Also, for a FHA loan you will need 3.5%--$17,500--plus money for closing costs unless you can get them paid somehow. It's possible to get the seller to pay a portion, or all of them, or have them included in the loan for a little higher interest rate. It might be feasible for you to get a conventional loan with a 3% down payment, which would be far superior to a FHA loan for many reasons contrary to what you may have heard or read. Give me a call 16/7, or email me. I'll be happy to walk you through the process and explain to you the loan alternatives. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.