Home Buying in 70520>Question Details

Mr.george, Home Buyer in 70520

i think i have a low credit score. an the house i like to have is 168 to about 171thousand..... but i have a down payment of 41,000.is its possible?

Asked by Mr.george, 70520 Wed Nov 30, 2011

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I just helped a client in the same situation. I work with several lenders that could help you. It all depends on how low your credit score is. I have a lender that works with FHA loans with credit scores 580-620 and a convention loan lender that goes to 620 credit score. I'd be happy to put them in touch with you. If you are interested, please give me a call.
0 votes Thank Flag Link Thu Oct 10, 2013
Underwriting is underwriting, when realtors or other start saying "other things besides credit score la di da di da..."

Here are the rules

640 credit score or higher
2 yrs continued work history
INCOME to support all of your bills including new purchase
NO bankruptcy or foreclosure last 5 years

3 - 3.5% downpayment if fanniemae of fha
3- 4% funds available for closing cost

IF you not meet the Above - you REALLY SHOULD NOT BE IN THE MARKET AT THIS TIME
0 votes Thank Flag Link Sat Mar 31, 2012
There are other factors besides credit that determine loan qualification, such as income, debt, etc.; therefore visit with any licensed loan officer, after reviewing your overall financial information, a determination can be made....
0 votes Thank Flag Link Wed Nov 30, 2011
Good afternoon Mr. George,
You should talk to one of our local lenders in Acadiana.They can help you raise your score if needed and possibly save you thousands in interest. I can recommend lenders here if you would like. I also work the Carencro area. give me a call, 337-523-1220.
0 votes Thank Flag Link Wed Nov 30, 2011
Yes you have more than 20% for down payment! As long as you have a steady income and your debt to income ratio is with in your banks guidelines you should be ok. You will probably have to pay a higher interest rate.
0 votes Thank Flag Link Wed Nov 30, 2011
what is the score? how low is low?
0 votes Thank Flag Link Wed Nov 30, 2011
Yes. I helped a client of mine who had $30,000 to put down and her interest rate is 6.8%. Give me a call at 405-881-5958
0 votes Thank Flag Link Wed Nov 30, 2011
You answered your own question with you beginning statement, You have a low credit score! Build up your credit then go looking, you will save thousands of dollars that way!
0 votes Thank Flag Link Wed Nov 30, 2011
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