Financing in Brevard County>Question Details

Bubba, Home Buyer in Brevard County, FL

i would like to have a $400000 loan after $50000 down with a credit score of 660

Asked by Bubba, Brevard County, FL Mon May 11, 2009

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Ha, Matt - no problem - believe me, I have done it, too!
0 votes Thank Flag Link Sun Apr 25, 2010
So with a credit score of between 650-700, would I qualify for a loan of that amount?
Flag Sun Jul 20, 2014
oh, sorry about that. I was on an answering binge one day. : )
0 votes Thank Flag Link Sun Apr 25, 2010
Matt - this question was asked in May, 2009
0 votes Thank Flag Link Fri Apr 16, 2010
Kellen Gracey,

If you can get something like this approved please quote your source of Mortgage insurance. I would love to check them out.
0 votes Thank Flag Link Fri Apr 16, 2010
Mortgage insurance at 90% LTV in Florida. That is going to be VERY difficult with a 660 fico. In most cases I would guess that you would not qualify. Go to these site below and fill in the information. I included some of the information that you may not know. There are other companies Like Radian, epmi, and UG. But most of the guidelines are the same.…

Property type
If it is a house with HOA dues it is considered a PUD detached.
If it is a townhome it could be a condo but is most likely a PUD attached
LTV 85-90%
Automated Underwriting results: DU approve
Coverage 17%
DTI you need to get from your lender. anything above 41 will most likely get declined.
all other fields are common sense or already filled in.

Just so you know I plugged in the info and it came back without an approval.
0 votes Thank Flag Link Fri Apr 16, 2010
You should be fine to borrow with that score and $50k down payment, especially in florida. As long as you don't have mortgage lates on your credit and a clean history, you should be in great shape. I'm a broker out of Florida, if I can be of any help please feel free to contact me.

Kellen Gracey
Mortgage Professional
BayBurg Financial
(386)237-7231 Cell
(954)764-7064 Office (Ext. 214)
0 votes Thank Flag Link Thu May 14, 2009
I don't see why you would have an issue. Conforming will work, and there are some Alt-A products as well.

I am a mortgage broker. If I can be of service, please let me know!


I am on line now!
0 votes Thank Flag Link Tue May 12, 2009

Bases off preliminary information, you should be able to obtain a loan at 90% with MI. The real question I have and wonder is why do you have such a low credit score and is it something we can fix quickly. Regardless of whether you can obtain financing for your situation, if your credit is something you can fix and save yourself $1000's, why wouldn't we do that first and then worry about the financing. The difference in rates and fees would be dramatic. I am available to assist you for all your Florida financing needs, feel free to contact me directly with any other questions.
Joshua A. Lerette
0 votes Thank Flag Link Tue May 12, 2009
Well Mr Bubba, Saty in Brevbard when looking for a mortgage- Call Nancy Davis at Mortgge America on Airport .Bvld., Melbourne. By the way it is not impossible to get mortgage insurance, but 20% dwon would to your benefit. As for your credit score, your job, and expense income ratio will pay a big part in the loan. Just call Nancy Davis at Mortgage America, also mention I sent you. I have worked with her for years and she is great.
0 votes Thank Flag Link Tue May 12, 2009
While on the surface everything looks fine for the type of purchase you are looking to make, the biggest hurdle for you to clear is in obtaining Private Mortgage Insurance. Because putting $50,000 down on a $450,000 purchase, you are putting just over 10% down, thus causing the loan to require mortgage insurance. Right now, obtaining mortgage insurance on any conventional loan in Florida is near impossible. However, with a 660 score, I should be able to qualifythe loan. As long as the loan to value does not exceed 90% and the credit score does not drop below 660. If it did drop, your next best bet would be to obtain an FHA loan, which in Brevard County has a maximum loan amount of $291,000, thereby liiting your purchase to $341,000.

I would be more than happy to speak with you about qualifying for a mortgage. Feel free to call me if you have any questions.

Luke Allison
Bank of America Home Loans
0 votes Thank Flag Link Mon May 11, 2009
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