Financing in Newark>Question Details

Condor, Home Buyer in Hoboken, NJ

Hi, I don't have a very good credit score (655). But, I have more than 20% to put down. My spouse and I make close to 200K. Will I get a?

Asked by Condor, Hoboken, NJ Mon Mar 22, 2010


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Do yo have any mortgages NOW for you can't have 2 FHA mortgages so that would leave a conventional loan that you would need. Call me B Winnington 302 545 4999 and I can help you.
0 votes Thank Flag Link Wed May 11, 2011
I could do an FHA loan in DE or NJ. Conventional loans require a 660 credit score. I could do a complimentary analysis of your credit to let you know how to raise your credit score. Here are some blogs I wrote about credit:…
0 votes Thank Flag Link Tue Mar 23, 2010
John, what Condor probably doesn't want to do is to pay MIP, which gets paid on FHA regardless of LTV, which I am sure you know but just want to make that clear to whoever else reads this. Even if he can get his score up to 660 for a conventional loan, the higher rate for a conventional loan will cost more than an FHA with MIP.
0 votes Thank Flag Link Tue Mar 23, 2010
Are you looking in Newark, NJ or Newark, DE? If you are in NJ, please contact me. I have a lender who does not look at credit score, who lends in NJ. If everything else looks good, and you can qualify, their rate is fairly competitive. I would be happy to review everything with you either by e-mail or over the phone. I can be reached at 516-972-1687.
If you are in Deleware, I suggest trying a local savings bank or credit union.
0 votes Thank Flag Link Tue Mar 23, 2010
You shouldn't have a problem qualifying for a mortgage with a score of 655 if that is your middle FICO score. We take the middle of your 3 scores from the 3 credit reporting bureaus which are Trans Union, Experian, and Equifax. You can get an FHA loan which only requires 3.5% down payment or you can get a conventional loan if you put down the 20%.
You can feel free to apply for a mortgage with us, we are a local lender in Delaware. You may even want to pick up a copy of my new book Your Guide to Buying Your First Home in Delaware at this link…

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage
42 Reads Way
New Castle, DE 19720
302-703-0727 Office
302-588-3665 Cell
0 votes Thank Flag Link Tue Mar 23, 2010
You probably will be okay. A mortgage broker out here in Boulder said that the mortgage companies are currently moving their credit score requirements up to the 640-660 range for FHA loans, which require less than 20 percent down. That's cutting it a little close, but your combined income will probably help if you don't have too much debt. You should find a good mortgage broker early in the process and get some good advice about what is available to you. At the same time, you should educate yourself about credit scores and make a few changes to get your score as high as possible. The blog post referenced below may help.

Good Luck!
Ron Rovtar
Prudential Real Estate of the Rockies
Boulder CO
0 votes Thank Flag Link Mon Mar 22, 2010
There are several lenders that will underwrite loans for buyers with a credit score as low as 580. Putting 20% down is also a plus. Email us and we will assist you in finding a great lender that will do a great job.
0 votes Thank Flag Link Mon Mar 22, 2010
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