I have a credit score of 645 is that good for getting my first home?

If I have the score of 645, and my total balance on all my credit cards is $210 ( my monthly income is $2000 ) would that be good for a lender to get me mortgage? if so please give me examples of lenders specifically in brooklyn or those who deal with all the states.

Public Comments

1. that should be good enough for good chance to buy a home..good luck
2. Well I am 20 yrs old, my credit score was 690 when I bought my first property (duplex 2 bed 1 bath each). I am renting it out. I got a 100% financing for 150,000 on 690 credit score. No money down whatsoever. On the application I put I make $3,000 a month (which isnt even close to that number) I am thinking you should wait maybe 4 more months or so get it up to 680's 690's if possible, trust me, it'll be worth it, you'll get better rates. But as of now depending on your income they'll give you a loan adjustable rate.... you don't want that, don't get screwed like me =) Get your credit score a little higher and get a nice fixed rate, you'll thank yourself in the future. Good luck!
3. Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit. Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it. http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814 http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent. Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now). Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents. Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate. Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check! Good luck! Good article when you want to put in bid, negotiation. http://biz.yahoo.com/brn/060909/19463.html
4. 645 is a little below average but you can definitely get a good mortgage. I suggest an 80/20 combo loan to avoid paying PMI. I own a mortgage company in NY and work with first time buyers all of the time. Just keep in mind that your debt to income ratio will come into play. Let me know if you want more info or if you would like me to run some mortgage payments for you. Pre-qualify for free at www.lakecitymtg.com