Home Buying in Eastpointe>Question Details

Cherri Johns…, Home Buyer in Grosse Pointe Farms,...

How hard would it be for me obtain a mortgage with a low credit score with a 25k down payment?

Asked by Cherri Johnson, Grosse Pointe Farms, MI Tue Aug 21, 2012

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Good Afternoon!! As you have been made aware credit scores are important in getting a mortgage. it would depend on the purchase price of the property when determining if a 25K down payment would help. If you need the recommendation of a mortgage lender I would be happy to assist.

Have a good day!!

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Tue Aug 21, 2012
Hi Cherri,

Well depending on where your credit score is and the price of the property will be the determining factor. I have a great mortgage lender who would be more than happy to work with you. If i can be of any assistance please let me know.

0 votes Thank Flag Link Tue Aug 21, 2012
How low of a score are you talking about? As Tim mentioned, if you have a very low score, the amount of down-payment may not necessarily help you. Your credit score is a reflection of your payment history, which is usually more important to lenders than how much you put in the deal. Also, your debt to income ratio will be a huge factor too. For tips on how to improve your credit score check out our blog link below. I would advise talking to a lender to get their input on your specific situation.
0 votes Thank Flag Link Tue Aug 21, 2012
You will find getting a loan with a low credit score difficult no matter how much down you put into the deal. You did not mention the cost of the house, $25k down on a $60k home is one thing and $25k down on a $250k home is another.
0 votes Thank Flag Link Tue Aug 21, 2012
I prefer to pay cash, but the homes I'm viewing are either on contingent or sold. I am speaking of 25k on 60k. Your thoughts?
Flag Tue Aug 21, 2012
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