If my credit score is 650 and my fiance is 700 would we qualify for a $200,000 mortgage?

Hello Jilian, whether or not you qualify for a $200,000 loan depends upon your incomes as well as your credit score. Since you are first time homebuyer's it would be helpful if we could get together or at least talk on the phone. My phone number is 402 813 4072 or 402 553 7115. Generally speaking you can get into a house with a 3 to 3.5 percent down payment.

Hey Jilian.. There's so much more information needed to determine your eligibility for a $200K mortgage.. How much income is there between the two of you, how much debt, what credit issues are there that have your score to 650, type of job, type of income, living situation... etc, etc, etc... Just toooo much info missing, but in general, your scores are sufficient for both FHA and conventional financing.. FHA requires 3.5% down, while conventional can be anywhere from 5% to 20% down payment. 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

Jilian, your credit score does not qualify you for a loan amount. As a mortgage bank we look at your income to debt ratios on a loan. For example if your gross monthly income was $1000.00, typically we would no want more than $430.00 of that income going out monthly for expenses. Expenses included in this calculation include any debts showing on credit, the proposed new housing payment, taxes on the property, mortgage insurance (if needed) and hazard insurance. With the scores you have indicated you meet the minimum FICO requirements most of us lenders set for financing. To get a better understanding of what you would qualify take your income and that of your fiance, add them together and multiply by 43%. Once you have this number subtract all your monthly debts reporting on your credit report. The remain is the amount of disposable income you have to pay your monthly mortgage. In closing keep in mind that 43% is only a guideline and not a rule. Some of us lenders will exceed this guideline if credit and overall profile of the file supports this decision. Let me know if you have any additional questions

Hello Jilian.To depend if you are qualified for a $200k mortgage depends on your income, your credit score, and any debts you have. There are many loan programs that suit the needs of the borrower now. With FHA, you can down 3.5%, however; there is a upfront MI at 1.75 which you can finance into your loan. Also, FHA you have to for PMI for 5 years and your Loan-To-Value (LTV) below 78% if you are looking at 30 years loan program. There are loan program that you only down 10% and you can finance the 90%. However, you have to pay PMI, but not upfront MI.You should call a local mortgage company to help you with this. Most big banks like Chase, BofA, etc... have a higher rate than smaller mortgage company. I recommend you shop around between 2-3 different mortgage company. It does not cost you anything to submit an application. The only item they will charge you is credit report, but you should be able to bring that credit report to any mortgage company.

Jilian, this is Nancy Thompson again. I just wanted to let you know that i am a local lender right here in Omaha. I would love to meet with you and your fiance and go over financing options. Let me know what is convenient for you. Nancy 402 813 4072 or 402 553 7115.