First time buyer, credit score 620, low income (30k), what are my options to buy a house?

You need to sit down with a lender and let them look at your complete profile.. Purchasing a home requires more than a credit score.. Your entire profile needs to be viewed to properly advise you... 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

The best advice is to contact a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. 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. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are 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. We can also help guide you in the steps necessary to increase your scores so you qualify for better rates and loan programs. 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 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Please give me a call..Sharon7th Level Mortgage732 606 6264

Mary -- You have serveral options and getting a loan is very possible. Unfortunately I dont lend new jersey - call a local lender in your area and take the 1st step there if you can - Andrew

Based on your income and credit score, you should look into the FHA loan program. Contact a lender based in New Jersey that go over your situation with you and let you know what loan options will work best for you.

Hi Mary - I am also a resident of NJ and I can help you threw answering your question Please give me a call at 855 411 LEND. thank you Peter

I am a Senior Loan Officer with Omega Financial Services. We are a Direct Lender here in NJ. I would be happy to discuss your options with you. Feel free to call me 908 933 0253 office 347 231 4444 cell you can also email me if you prefer. PBotros@OmegaLoans.net Peter Botros

Your income simply limits the maximum size of a loan... Generally speaking, a safe number is about 3.5 times your yearly income is what you can safely afford ($105,000). You don't mention any down payment amount?? Your low credit score is more of a concern. While many people will tell you that you can get a loan, you should really focus on improving your credit score to OVER 640. Your current score will limit your loan and lender options, while improving your score will improve your loan and lender options. www.MortgagesUnlimited.biz

FHA would be the first thing I think of with that score.