Property Q&A in Orlando>Question Details

luludr17, Home Buyer in Orlando, FL

i can give a 35 percent down payment of a house of 160,000 but my credit is about 610 would that affect me

Asked by luludr17, Orlando, FL Sun Sep 30, 2012

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Which of your 3 scores is the 610? Lenders usually use the middle score of the 3 scores that you have so you need to make certain all three scores are above a 620. Sometimes a local lender can assist you in getting your scores raised. I'd suggest you pull a tripple report and start working on getting it raised. Perhaps there are some errors that you can correct. However, I would suggest you go FHA as they will be more forgiving with lower scores than conventional lenders.
0 votes Thank Flag Link Tue Oct 2, 2012

your credit score and your credit history are important factors when applying for a mortgage loan.

I would recommend getting your score up to a 620 and to take advantage of these historic low interest rates offered to homebuyers with good credit.

Please feel free to contact me at your earliest convenience, if I may be of any service to you, guiding you in the right direction to improve your credit rating.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
Cell: 954.695.4849
0 votes Thank Flag Link Mon Oct 1, 2012
Many lenders require a 620+, but do not let that stop you from purchasing your home. If you need help, please allow me to help you. You are already in good shape being able to put 35% on 160,000

Best Regards,

135 E Colonial Dr
Orlando, FL 32801
Office: 407-406-5300
Cell: 321-356-7341

0 votes Thank Flag Link Mon Oct 1, 2012
You are in a very good position with a 35% down and 600+ on your credit score. I have some great Mortgage brokers that can make it happen for you.
Contact me and I will be able to assist you form this point on

Fabio Silva
0 votes Thank Flag Link Mon Oct 1, 2012's the thing: most lenders would prefer a credit score of 620 or better but some lenders will even work with a credit score of 580 (I know a couple of those). However, it's not just the score alone or the amount of the downpayment that affects whether or not a lender would approve you for a loan. If there are issues on your credit such as unpaid judgments, liens, student loans, etc you could be denied. Debt to income is also a factor. I suggest you speak with a lender directly to determine exactly where you stand. If you do not have a lender I would be happy to connect you. If you need an agent to help you with your purchase, feel free to call or email me. I would love to help you turn your dream into reality!

Sylvia Paul
Realty Center
Orlando, Fl
(407) 864-3139
0 votes Thank Flag Link Mon Oct 1, 2012
Hi Lulu,

That is great that you have 35% down. I know that it is not always easy in this economy to save money so for that congrats. Your credit does play a factor in the loan process. Your best option would be to shop around to see who can meet your needs the best. Some lenders require a 620 or better. I do work with a lender that could help you. Also I have others you could check with as well. Let an expert help you with this process. I have a fantastic Home Buyers guide that I can send to you that will give you an idea of additional costs. Things like earnest money deposit, survey, home inspection, termite inspection etc. Buying a home is a huge step, but with the right assistance it will be rewarding for you. Check out my bio and feel free to call or email me directly. I look forward to helping you realize your real estate dreams.

Jennifer Barker
Exit Realty Central
0 votes Thank Flag Link Sun Sep 30, 2012
As long as you have proof of those funds, you won't have a problem being financed! If you haven't chose a lender as of yrt, contact me so that we can assure you receive the best rates available to you!
Contact me at anytime, 321-278-3829 Melanie Mckain or
0 votes Thank Flag Link Sun Sep 30, 2012
Depends on the lender you use. Contact me and I will get you in contact with a lender who is able to help you! or call 407-494-1891 anytime! Best Wishes!!
0 votes Thank Flag Link Sun Sep 30, 2012
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