Home Buying in Juno Beach>Question Details

Rebequec, Home Buyer in Juno Beach, FL

Could I qualify for a @220K mortgage with a 575 credit score and 25% down?

Asked by Rebequec, Juno Beach, FL Wed Jul 1, 2009

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Your best bet would be to consult with a qualified mortgage broker. The mortgage broker could also guide you in ways to increase your credit score. Putting 25% down is a great start and will also help the loan for which you may qualify. Donna Fischer, Realtor, GRI,CRS,SFR, 561-767-5205, Donna@DonnaFischerRealEstate.com, http://DonnaFischerRealEstate.com, 9123 N. Military Trail, Suite 104, Palm Beach Gardens, FL 33410.
0 votes Thank Flag Link Sun Nov 11, 2012
good morning..probably..i would need some more info, but i am licensed in florida....why not get in touch, so we can get you pre-approved....bob mcclure- success mortgage partners- plymouth, michigan......
0 votes Thank Flag Link Tue Jul 7, 2009
With an FHA loan, probably yes. On a conventional loan (which I don't blame you for wanting since there woudl be no MI payments), Fannie Mae and Freddie Mac require all of those loans to have at least a 580 credit score. FHA does not have a minimum credit score requirement so your approval would have as much to do with your assets, income and loan amount as it would your credit (although credit still factors into it).

The great thing about FHA is that it woudl not require you to put all that money down. You might need to put more than the standard 3.5% down payment in order to strengthen the file but not necessarily all 25%. That would be determined by teh underwrting system.

You are welcome to call me if you have any questions about the process.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Wed Jul 1, 2009
It will depend on if you are self employed or not. You could get private money with that downpayment also.

Melissa Antenucci
Ameritrust Mortgage
561-417-9221
0 votes Thank Flag Link Wed Jul 1, 2009
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