Credit Score in Grand Rapids>Question Details

Goimach, Home Buyer in Grand Rapids, MI

What is the minimum down payment (%) I need if my score is 600?

Asked by Goimach, Grand Rapids, MI Mon Apr 18, 2011

A couple months ago my score was 663 but I paid off an old debt and it's dropped back down. I'm hoping once it's reported paid in full it will go back up a little. My husband and I have a combined income of 90,000 and his credit is good. What is the minimum down payment I would need to buy a house? We're looking in the 140k to 160k range.

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I have a mortgage man that can handle credit scores down to 580. Please call me at 616 308 2631, or better yet, email me at I should be able to help you.


0 votes Thank Flag Link Tue Aug 23, 2011
Try to find a Seller who will sell on Land Contract-the Seller is the bank in this case
0 votes Thank Flag Link Tue Aug 23, 2011
I'm not going to try to push you to contact my lender or any other lender. You should speak with a lender that you feel comfortable with. More than likely with your cerdit score you are going to be looking at some sort of government backed loan such as FHA, Rural Development if you want to live outside the city, MSHDA, or VA. FHA require 3.5% down, Rural Develpment requires ZERO down, a MSHDA loan can be as low as 1% down and you may be able to qualify for up to $7,500 in downpayment assistance, and VA requires ZERO down but you must be a veteran of the military. As far as choosing your lender, you should speak with your real estate agent, friends and family about potential referrals of lenders they have used int he past but don't feel pressured to use anyone just because someone told you they are the best. Many lenders don't offer the MSHDA loan and some don't even offer FHA loans. If you would like honest answers with no pressure or obligations fell free to call us at Home Run Real Estate at 616-889-7662. I wish you the best of luck with you home buying goals.

Lloyd Reed - Broker Owner - Home Run Real Estate
0 votes Thank Flag Link Thu Jun 16, 2011
Please contact me at 616 308 2631 or

I have a mortgage person that will be able to help you.


Karl Roelofs
0 votes Thank Flag Link Fri May 27, 2011
Have you looked into an FHA loan?
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0 votes Thank Flag Link Mon Apr 18, 2011
I work with lenders that would finance a borrower with a score of 600, the minimum requirement for a down payment is 3.5% of the purchase price. That is the minimum that FHA requires. There is a program called Rural Development that requires zero down, however, they have a household maximum income of around $82,000. Because of this requirement and the fact that you and your husband earn $90,000 per year you would not qualify for that particular loan program. I would be happy to assist you in the process of getting pre qualified for a mortgage loan.

Thank you,
Jim McDonald
0 votes Thank Flag Link Mon Apr 18, 2011
This is a question for a lender to answer because it depends on the loan. If you need a lender to contact, i know of a great one that works with lower scores all the time and he gets the job done. If you have any questions, feel free to contact me directly at
0 votes Thank Flag Link Mon Apr 18, 2011
FHA loans are popular as they offer 3.5% down payment programs. There are all kinds of loan products and choices may vary based on your particular circumstances. Connecting with a good lender who is familiar with local and state programs that offer down-payment assistance may be helpful for you. Feel free to email or call if you need recommendations for good local lenders. Good luck!
Web Reference:
0 votes Thank Flag Link Mon Apr 18, 2011

My name is TJ Malkasian with Top Flite Financial, right here in Grand Rapids! Most banks and lenders out there will require a minimum middle score of 620-640 to qualify for a 3.5% down FHA Purchase Loan. As a direct lender I am able to offer the same program with a low as a 600 middle credit score. There are obviously other variables involved in the qualification process, but I close FHA purchase loans down to a 600 score all the time. Please contact me for a fast and easy pre-qualification. Or, you can get me you and your husband's information by submitting it at my website I look forward to helping in any way I can!


TJ Malkasian
Top Flite Financial

P: 616-433-7066
Web Reference:
0 votes Thank Flag Link Mon Apr 18, 2011
It depends, call Dave @ 616-893-3287 and he will be able to help you...

Have a great day!
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0 votes Thank Flag Link Mon Apr 18, 2011
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