Home Buying in Mission>Question Details

Joe Garcia, Home Buyer in Mission, TX

Would like tp purchase a home. However, credit is less than perfect. Would a 50% down on a 80,00 home help?

Asked by Joe Garcia, Mission, TX Tue Jan 20, 2009

in the credit approval.

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Answers

8
50% down cures a lot of credit woes.
However, lenders will still have requirements.
Many loan officers will not do below %50K loan, so a bank may be your best bet.
Bank of America does low loan amounts.
1 vote Thank Flag Link Tue Jan 20, 2009
Hi Joe:

With less than perfect credit, your interest rate is still going to be quite a bit higher regadless of the increased downpayment. I would stongly consider credit restoration. This will enable you to get a better loan program and enjoy the benefits of a good credit rating -

For information on credit restoration, please visit the following links -

http://www.creditrepairproof.com
http://www.35minutevideo.com

Both will provide great information. If you have any additional questions, please feel free to contact me at gwennt@centurytel.net and I will be happy to assist.
1 vote Thank Flag Link Tue Jan 20, 2009
The credit scores to get a loan have been raised to 620. If you do not have a score of 620 you may have to rent and work on your credit repair. There are companies that can help you or you can do it yourself. Paying on time, having only a limited number of credit cards that you use and not maxing them out. Check out this link: http://articles.moneycentral.msn.com/Banking/YourCreditRatin… . Cut and paste it to explorer...it will tell you what you need to do to raise your score. You can get a FREE look at your credit score once a year. Remember that each time you or a potential creditor looks at your credit score, your score will drop. Best wishes. Mariyn Hardison
0 votes Thank Flag Link Wed Feb 25, 2009
Mr. Garcia,
The best place to start is contacting a lender, he or she will explain you the process and requirements, if you need a list of lenders in the area I'll be more than happy to assist you. Call me or e-mail me and you can start moving forward on the future purchase of your home.
0 votes Thank Flag Link Tue Feb 24, 2009
Mr. Garcia...there are still lots of questions. A large downpayment is good and will help but lenders still look at credit, job stability, income and other factors. Talk to a mortgage lender. They will be able to determine your ability to get a loan. If you need recommendations...just ask. I will be glad to recommend several lenders to you.
0 votes Thank Flag Link Wed Jan 21, 2009
It absolutely would. A buyer with a large downpayment is MUCH less of a risk for a lender.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Tue Jan 20, 2009
Joe,

Let me help you with that. I am a local REALTOR and I have local people who do the mortgages. Let me guide you through the process to be able to find what is best. You may not need the 50% down, but we need to get with some of my people to see.

Give me a call tomorrow, or email me your contact info so that we can get together on this.

Steve Tennison
steve_tennison@sbcglobal.net
0 votes Thank Flag Link Tue Jan 20, 2009
Contact a mortgage broker who can review all your financial records, employment history, debt ratio, downpayment. 50% down likely you could qualify requires lender approval.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 20, 2009
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