Home Buying in Peoria>Question Details

Steph, Home Buyer in Glendale, AZ

What is the minimum credit score needed to get a loan approved if you have a 6 percent down payment?

Asked by Steph, Glendale, AZ Mon Jan 9, 2012

Help the community by answering this question:

Answers

6
A suggestion for you. First step is to choose an experienced ethical local loan officer. An experienced loan officer has more experience with credit issues than anyone and continually working with credit so up to date. They have incentive to strenghten the credit report because they want to make the loan. Be careful not to do anything that will effect your credit utill the loan officer looks it over. Sometimes even paying down a late can cause a problem. There are two good articles on credit at Your-Road-Home.com and also, Consultation-Interviewing Loan Officers, also on Your-Road-Home.com. When you have gathered up all the information you will find both loan officers and real estate people in your area available through Trulia. Best of Luck, Stephen
1 vote Thank Flag Link Mon Feb 25, 2013
Hi Steph,

It all depends on what type of loan will be best for your & your family. Sometimes a Conventional loan might be best for you. It could be that an FHA will better, or even a UDSA loan or even a VA loan if you were ever in the military.

It has been my experience that everyone that I help has their own unique set of life's circumstances and their own personal financial philosophy which helps to determine which loan program is best suited for you.

You should look for a side by side comparison of these loans showing you the interest rates, TOTAL monthly payments broken down by P&I, taxes, insurance & any HOA fees, as well as the amount of down payment, plus all your closing costs, no matter who is paying your closings costs (a good real estate agent can negotiate your closing be paid by the seller). By you being able to see 7 compare the difference in monthly payments with monthly mortgage insurance (MI) payments and without monthly MI payments, you can decide which o[option is best for you.

Good luck with your purchase!... and please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
NMLS ID 263779 | AZ BK 359295
0 votes Thank Flag Link Tue Jan 10, 2012
I work with a loan officer who works with people with a minimum credit score of 560. Her name is Brandy Gurtner, Sunwest Mortgage Corporation, (602) 540-6521.
Web Reference: http://www.janakaye.com
0 votes Thank Flag Link Mon Jan 9, 2012
Steph,

You may call a lender I know Bryan Sheets at 623-594-7600 if he is not available you may call his assistant Mona.

Feel free to contact me direct for any quesitons.

602-799-6846
phoenixrealtorservice@gmail.com
0 votes Thank Flag Link Mon Jan 9, 2012
The answer that Jay Thompson provided is correct. . . it depends on all those factors. I have a great lender that I work with. His name is Bud Levey and his number is 602-721-6814. Give him a call and he can answer all your questions. Once you are prequalified, if I can help you find a place, and you are not currently working with another realtor, please give me a call. My number is 602-989-8990.
Make it a Great Day and Enjoy Living!
0 votes Thank Flag Link Mon Jan 9, 2012
Steph -the short answer is, it depends. Credit score isn't the only determining factor. Your debt, income, and mortgage product all play an important part. I'll leave the details to a lender, one is sure to stop by any second...
0 votes Thank Flag Link Mon Jan 9, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer