Financing in Orlando>Question Details

Rustyryan, Home Buyer in Orlando, FL

My median score is 647 and I want to purchase a Homepath Condo. I would like to put 10% down. Is this possible?

Asked by Rustyryan, Orlando, FL Fri Jul 5, 2013

Add some detail about your question

Help the community by answering this question:

Answers

11
Please call me. We can go up to 95% 239-471-9829. Great rates too
0 votes Thank Flag Link Mon Jul 15, 2013
I think you can get approved with the right lender, but do not go lender to lender, find a broker or service that helps you find the right type of loan. I have had clients get approved by The Lenders Network when they had under 600 scores so I would try them out first.
0 votes Thank Flag Link Sun Jul 14, 2013
Not only is this possible but, your position is perfect. You may not even have to put that much down. I have 16 years expereince and work a direct lender. We do not charge origination fee's or broker fees. This will keep more money in your pocket. Please call me direct if you would like any additional information.

239-471-9829
0 votes Thank Flag Link Mon Jul 8, 2013
My suggestion would be to contact a Lender. They are most qualified to answer mortgage questions. Good luck!
0 votes Thank Flag Link Mon Jul 8, 2013
That would be a yes, if credit scoring was the only consideration. However lenders will probably want to look at other aspects of your credit, and of course, your ability to repay the loan....vis a vis a steady source of income. Sounds like you are there but better to be informed so that you can be prepared. That being said, if you are not already working with an agent, I can help you with your purchase and would love to hear from you. Feel free to call or email me. I will walk you through the entire process.
Sylvia Paul
Realty Center
Orlando, Fl 32819
(407) 864-3139
sylvia@sylviapaulrocks.com
0 votes Thank Flag Link Sat Jul 6, 2013
Hi There:

Yes, I have a great lender who specialized in Homepath loans. Most lenders usually need a 640 score so you should be good on that. Feel free to email me so I can send his info to you.

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes Thank Flag Link Fri Jul 5, 2013
Thank you. I will be contacting you about those lenders
Flag Sat Jul 6, 2013
Glad to see you have made up your mind and are focused on your goal.

The advantages of buying a Homepath property is that it has already been inspected, so you know what the issues are, and that you know it will qualify for a Homepath loan.

I work with several lenders that will take Homepath buyers with as low as a 620 middle score. The fact that you are putting down more than the FHA required 3.5% makes you even more attractive to most lenders.

Please let me know if I can help you further by providing a list of lenders I work with and/or help you find the perfect condo for you to call home.

Michael D. Bellamy, P.A.,
REALTOR®, NHSE, SFR, BPOR, CDPE
Charles Rutenberg Realty, Inc
407.536.MIKE(6453) (direct)
407.622.2122 (office)
407-567-7551 (fax)
michael@michaelbellamy.net
Search the MLS: http://www.michaelbellamy.net
Know Your Options: http://www.shortsalemyhome.info
"The Standard of Excellence"
0 votes Thank Flag Link Fri Jul 5, 2013
Thanks! I will contact you about those lenders.
Flag Sat Jul 6, 2013
Your best bet is to speak directly to a lender. If you're hearts set in a condo be prepared to have difficulty finding any financing unless you go to a hard money lender then you'd have to put down much more, like 30-40%. Condos do not finance for a multitude of reasons biggest being that owner occupancy rates are far too low for lenders. A single family home is a better option if you have limited funds to use as a downpayment. If you would like some names of lenders, let me know. I have some excellent recommendations.

Melissa Gerace
Premium Properties Real Estate
407-361-1694
Melissa.m.gerace@gmail.com
0 votes Thank Flag Link Fri Jul 5, 2013
Absolutely! A 640 score is needed... Contact me at your convenience to discuss the particulars...

Rebecca Bass
813-355-6383
0 votes Thank Flag Link Fri Jul 5, 2013
definitely doable. of course you will have to contact a lender.
0 votes Thank Flag Link Fri Jul 5, 2013
Definitely a lender question, but I did just sell a home to someone with 645 low score at a purchase price of 160k and only 3.5% down. I have some good lenders, email me if you want me to send their info to you.

Mike Thomas, Realtor
Team Simmonds
Watson Realty Corp.
mike@teamsimmonds.com
0 votes Thank Flag Link Fri Jul 5, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer