Home Buying in 15035>Question Details

G.maidensgirl, Home Buyer in

is it possible to find a mortage with a 640-650 credit score and approx 3.5% down?

Asked by G.maidensgirl, Sat Nov 24, 2012

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4
Yes, IF you are serious buyer this is not uncommon. However the intereset rate may effect your buying power. That is why I recommend you not go to an online lender as these will not give you the close attention you will need to get the best rate. They deal in volume and toss less perfect credit away.
0 votes Thank Flag Link Sun Nov 25, 2012
If you are within the income guidelines and like rural areas, USDA Rural Development has two loan programs, a guaranteed loan and a direct program, which require zero down payment (though, you can put down money). Go to http://www.rurdev.usda.gov to see more information.
0 votes Thank Flag Link Sun Nov 25, 2012
Hello Gmaidensgirl,

As long as you have sufficient verifiable income to support the mortgage payments it sounds like you will be OK. However you need to speak with a mortgage professional to make sure that there is nothing preventing you from getting a mortgage. Don't assume that just becasue you have a 650 credit score, 3.5% down and a job that you are in good shape.

Also there may be cheaqper options available to you like a USDA loan

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Sun Nov 25, 2012
I believe a fha mortgage would be what you would be looking for but please check with a mortgage broker to see if you qualify.

Good Luck
0 votes Thank Flag Link Sun Nov 25, 2012
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