Your debt-to-income ratio needs to be reasonable since they won't approve you for a loan if your debt is high compared to your annual salary (which should appear on your tax returns by the way).
If you are first time home buyer, there are some great IL programs where you only need to put down 1%. Hope that helps! --To learn more, just call me at 847-533-7115 or email MeyersRealty1@gmail.com. Thanks, John
Loan Originator (IL)
Cross Country Mortgage
1430 Branding Lane Suite 190
Downers Grove, IL 60515
Office: 630-423-3600 xt. 5711
I am looking to purchase a 4 plex and have 20% down. Are there any lenders that would do a loan with this background.
I have been turned down going the conventional route because of the late payment.
Any help will be greatly appreciated.
Credit score is one of the main criteria lenders use to determine if you qualify for a mortgage as it helps them to have an idea of the likelihood of you repaying your loan. If you are currently at a 560 credit score, you are not that far away from being able to be pre-approved. The Federal Savings Bank, offers a program that will help you assess exactly where you are and what you need to do in order to increase your credit score. If you're interested in getting more information about how the program works, please feel free to give me a call.
The Federal Savings Bank
You also may want to look at some smaller community banks who may portfolio some of their loans (keep and not sell them). Some may go for a lower score but a higher down payment, but under 580 is tough.