Mortgage inquiry

You'd need at least a 640 credit score to qualify

Probably not. If your annual income is only $20,000 per year, that's $1,666 per month, the Principal and interest on a $200,000 loan is going to be more than $900, and that puts your debt to income ration way over the acceptable levels, and we haven't even factored in your property taxes and insurance. Even with perfect credit, this isn't likely to happen. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Kamrie - I will need more information about your credit scores, and would be happy to discuss if you would like to connect. Please let me know.David BakerHALO CapitalDes Moines, IA

I would contact a local company and let them pull your credit so they can point you in the right direction

Good catch Larry, I was reading $250K, not 25k as the purchase price. Larry is correct. Virtually no-one is going to be willing or able to do a mortgage for that low of a loan amount, regardless of the credit. Even the big banks will balk at the low loan amount. Your best bet is to try a local community bank or credit union. They are going to require good credit, but depending on why your scores are low, it may be an easy fix to get you where you need to be. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com