Home Buying in Chicago>Question Details

sameenacolan…, Home Buyer in Chicago, IL

Hi, I currently have a middle credit score of 641. I have 10% down. Can I get a mortgage for a condo?

Asked by sameenacolanto, Chicago, IL Thu Aug 22, 2013

My mortgage broker is telling me its impossible without 20% down

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Answers

18
Go online to all 3 credit bureaus and go on the dispute pages and dispute all your negative. Creditors have 30 days to respond or they fall off. Some of your old creditors may not exist any more. Also, call any outstanding collects to find out what payment they will take to remove the items. In 2 months you will be surprised at how much you can do.
1 vote Thank Flag Link Thu Aug 22, 2013
Well this can depend on the type of loan you are getting. For example, if you are getting an FHA loan, you will only need 3.5% down. Talk to your lenders and see if you can get a loan that has a lower downpayment, like an FHA loan. If he does not cooperate, don't be afraid to shop around for different lenders.

I hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
Yes, all day. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Fri Nov 15, 2013
I would be happy to help you with financing your upcoming purchase. There are also several down payment assistance programs available for first time homebuyers. Joanna Weiss NMLS 230092 773-327-3580
0 votes Thank Flag Link Mon Aug 26, 2013
Yes, you can get a mortgage. There are a few programs available that you will not need to put down 20%. Email me at gilbertcarlas@yahoo.com. For more information.
0 votes Thank Flag Link Fri Aug 23, 2013
email me at jmichaels@remax.net and I will give you a lender contact
0 votes Thank Flag Link Fri Aug 23, 2013
Yes. I would consult a different mortgage banker.

Warm Regards,
Josh Marks
Cell:847.867.5998
Jmarks@wintrustmortgage.com
JoshMarksMortgage.com
0 votes Thank Flag Link Fri Aug 23, 2013
You're in great shape! Contact a local lender to see what your best options might be!
0 votes Thank Flag Link Fri Aug 23, 2013
Yes, you can.

NOt only that, but you may have several options you aren't even considering, such as Down Payment Assistance with an FHA loan, or reduced cost Mortgage Insurance wiht a conforming loan.

Give me a call or shoot me an email to discuss.

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
773-416-7107
mbukovy@wintrustmortgage.com
0 votes Thank Flag Link Fri Aug 23, 2013
My debt to income is fine. I had a number of collections and judgements from 4 years back but they have all been settled and closed. I have no open collections, up to 10% to put down, enough money for reserves, and a middle score of 641, so I dont understand why the AUS is rejecting me
Flag Fri Aug 23, 2013
Speak to your lender and obtain an exact answer as to why you do not qualify?
Is it your down payment amount or are there other factors.

Is your income sufficient?

Feel free to contact me should you need any assistance.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Fri Aug 23, 2013
My debt to income is fine. I had a number of collections and judgements from 4 years back but they have all been settled and closed. I have no open collections, up to 10% to put down, enough money for reserves, and a middle score of 641, so I dont understand why the AUS is rejecting me
Flag Fri Aug 23, 2013
Depends on the condo and its risk profile, the owner-occupancy ratio, the percent of delinquent owners in their HOA fees, the cash reserves, then your own profile and history. The experts are your local lender brokers, those with access to many sources not just one bank. Sometimes one bank will be the major source of condo loans, Wells Fargo in some areas for example. But it all starts with a sit down with a money lender-broker. A knowledgable RE agent should know which condo complexes are approved easily for loans; those that are well run, and reputed to be in good shape. I know agents who keep up on the condos better than others, some even specialize in them. One thing for sure, all the posters offering to help with names to refer care enough to reach out for you. Give one or two a call. Get prepared as a buyer and you should do fine.
0 votes Thank Flag Link Fri Aug 23, 2013
Your best bet will be FHA financing. The one thing that you will want to keep an eye on will be if the property is FHA approved - or can be FHA approved. I recommend speaking with a lender to complete the pre approval for you - but look for a lender who has experience approving condo projects for FHA so that you can keep your search open. I would be happy to help with both aspects. Please feel free to contact me at your convenience.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
Sam.sharp@guaranteedrate.com
0 votes Thank Flag Link Thu Aug 22, 2013
Only one way to find out: ask a lender.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Thu Aug 22, 2013
If you're credit score is 641 and you don't have any outstanding issues plus a 10% down, absolutely!! Try Brian Dombrowski from Wells Fargo. He's a great guy to have in your corner, 630-329-3346.
0 votes Thank Flag Link Thu Aug 22, 2013
Has your mortgage broker ever heard of FHA?
0 votes Thank Flag Link Thu Aug 22, 2013
The property we want is not FHA approved
Flag Thu Aug 22, 2013
You sure can feel free to contact me
Dan Ghaowi
Guaranteed Rate
773-739-5117
http://Www.guaranteedrate.com/Danghaowi
0 votes Thank Flag Link Thu Aug 22, 2013
Call Tammy Hajjar with Wintrust Mortgage at 773 609 4374
0 votes Thank Flag Link Thu Aug 22, 2013
I don't know what area you are looking at but in Huntsville 640 or better credit score can get you in a home with a lower down payment. You might want to call around some other lenders. Don't let them pull your credit and just call and ask around. Your friends or peers from work may have some ideas on who to call in your area!
0 votes Thank Flag Link Thu Aug 22, 2013
We have already found a condo in Chicago but are being told that because condos are riskier mortgages we either need 20% down or need to get the scores up over 700. This just doesnt seem right. We meet all the debt to income ratio requirements.
Flag Thu Aug 22, 2013
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