Financing in West Palm Beach>Question Details

Allison, Other/Just Looking in West Palm Beach, FL

For a first time home buyer with steady income, fair credit but little to no down payment ;which lender/s would you recommend?

Asked by Allison, West Palm Beach, FL Mon Jan 30, 2012

After renting for some time i would like to buy a home .
I have started the process of browsing listings online , but I have been told it would be wise to first try to obtain a mortgage / financing so I know what I can afford.

I have a steady income and fair credit and I have heard that getting financing now is much harder with much more restrictions and requirements.
I am aware that there are many lenders available ,but I would like to know specifically for someone in my situation - are there some that are more highly recommended than others?

Help the community by answering this question:


I recommend a lender that has a proven track record in FHA loans. FHA Loans are backed by HUD. In your circumstance with fair credit, it will probably be the best way to go. People with fair credit can still get a great interest rate when using a FHA loan unlike in conventional financing. Contact me, and I can give you a few lenders that I know that will help you with the process. Have a great day!
0 votes Thank Flag Link Wed Jun 3, 2015
Please feel free to visit my website for lender information
0 votes Thank Flag Link Thu Apr 2, 2015
Im a first time home buyer and my credit is fair 565 i have a steady income now ,you think i can get help some way?
0 votes Thank Flag Link Mon Jul 8, 2013
Well, not knowing what you consider "fair" credit, it is hard to give you a good answer.

If your scores are 600 or above, we can help you qualify for a FHA loan that requires 3.5% down. A score of 640 gets you an even better rate. Obviously, if you qualify for a Veterans Administration loan, then no downpayment is required.

Remember, lenders look at a complete application, not just income or credit score. Most loan officers are happy to help you get a handle on the proces without charge or obligation, including me!

Best wishes, Jim, American Bank
0 votes Thank Flag Link Thu Mar 15, 2012
Also depending on the area you want to buy in, there are down payment assitance programs as well that you might be eligible for. Contact me for further info. Michelle Dema 201-962-3555
0 votes Thank Flag Link Tue Jan 31, 2012
Just to add to my other answer. You can get up to 6% sellers concession with the FHA loan and up to 3% for the Conventional loan and we can also do a HomePath loan with 3% down and 3% sellers concession. The sellers concession allows you to wrap some or all of the closing costs into the loan. Let me know if you have questions. Michelle Dema 201-962-3555 TeamAmbassador@BestMortgageOption.
0 votes Thank Flag Link Tue Jan 31, 2012
Allison, I am a Mortgage broker in S. Florida. I would be happy to discuss your options with you. Please contact me.
Brad Singer
Leader Mortgage Services
brad @leadermortgageservices
0 votes Thank Flag Link Tue Jan 31, 2012
Dear Allison,

I would recommend you get a pre-approval prior to looking at property. In fact, we require you have this before viewing any homes.

There are 2 lenders I can recommend who are excellent. They also have programs for first time home buyers and often special discounts. More importantly there are extremely thorough and once you get a pre approval from them there are no surprises at closing. When you find your dream home, it will go smoothly.
They are also very good at follow up if you need to speak to them at any point during the process.

Happy to give you their contact information just send me an email.
Kind regards,
0 votes Thank Flag Link Tue Jan 31, 2012
Hello Allison,

The question is not so much which lender but which programs are available to you. The reality is most lenders offer, for the most part, the same programs. The only exception I can really think about would be local credit unions which generally offer their own portfolio type lending that may not be best for you and your situation.

The following programs are both good for little to no money down plus also less than perfect credit.

FHA - While FHA will allow you to go down to 540 scores, most lenders will have overlays of 620 or higher scores. While yes there still are lenders out there that will go below this threshold, prepare to have a extremely valid reason for the credit scores. i.e. death of co-signer or major illness. FHA will allow you to only put down 3.5% of the purchase price.

USDA - While USDA offers 100% financing, both the home itself must qualify as a rural area (which West Palm does not quite qualify as rural) and you must qualify with an income below the median income for the area after any child care expenses.

VA - If anyone applying living in the home with you has served in our military this would be a great option for no money down, no out of pocket expenses with not only great rates but exceptional payments.

HomePath – This option allows you to only put down 5% with no mortgage Insurance. The home has to be eligible for HomePath financing.

I would be happy to help you with your financing. Our company Residential Finance Corporation is a National Direct Lender with access to some of the industries lowest possible rates and more importantly service second to none. We close loans on average in about 18-20 days start to finish. We underwrite and process your loan in house so you are informed every step along the way.

I look forward to hopefully hearing from you.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
0 votes Thank Flag Link Tue Jan 31, 2012
Allison- You are wise to investigate finance options in advance! There are three components
that will determine he success of your mortgage financing experience ! The individual
Mortgage Originator,The Lender ,and the Menue Options the originator 's Company
can select out for you.
I would suggest considering a lender conversant with both FHA and Homepath funding.
You should get an idea of both what you Qualify for -and- The Costs involved! After
getting the lender's Qualification info - The costs involved will diictate choices you
may wish to make on price range , etc. Only you can determine what you can afford!
The Mortgage Lender can only determine what financing you will be able to obtain
and any choices you may have. My website (referenced below ) has links to info on
both FHA ,Homepath and other options.Contact me directly for a referral to sources
I can recommend Best of Luck in any event!
Web Reference:
0 votes Thank Flag Link Tue Jan 31, 2012
Hi Allison,

We are mortgage brokers. We have unlimited banks and programs available to us. We do the shopping for you. You can put as little as 3.5% down with FHA with a minimum middle credit score of 540 and 3% Conventional as long as you have a 620 middle credit score. If you qualify for a USDA loan you do not have to put any money down. There are other programs as well. If you would like to discuss more please contact us.

Michelle & Benny
Your Mortgage Specialists
Ambassador Funding LLC
0 votes Thank Flag Link Mon Jan 30, 2012
My clients (first time home buyers) just recently closed on their beautiful townhouse. They, at first, were turned down for pre-approval by one of the big bank lenders but we were fortunate to find a local mortgage broker who succeeded where the other could not. And, the loan costs were reasonable and the rate was excellent.

Yes, it is more difficult to obtain financing now but it is possible. And, you should definitely speak to a mortgage broker now to see if you qualify. Several years back it seemed that as long as you had a breath you could get a mortgage.

You can email me if you would like the name of the lender I feel very comfortable in recommending to you.

Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
0 votes Thank Flag Link Mon Jan 30, 2012
Hello, my name is Jeannine Albrecht - Realtor. If I were you I would purchase a Fannie Mae home. Go to when you find a propety you like call me I can help you.

Only 3% down with this program and a 3% Seller contribution towards closing costs.

My email is WPBSPECIALIST@GMAIL.COM CELL 561-307-1007
0 votes Thank Flag Link Mon Jan 30, 2012
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