Asked by Summit House Hunter, Richmond, CA • Mon Dec 28, 2009
I am looking for a home at around $335,000 but have a relatively weak credit score (647). I am working on the credit score (I was shocked to find a tax lien on my report that I was completely unaware of), but don't have time to wait months for credit scores to change. I have a high, stable income ($100k for more than 2 years) and have saved enough for an approximately 5% down payment. One lender I spoke with said with my score I would need a 20% down payment for a conventional loan given my credit score. Am I out of luck other than going through FHA (which is capped at $270,000 loan in my area and therefore not much of an option for the house I really want)?
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