Can i get a loan for 100,000 with a 30 percent down payment and 640 credit score?

Asked by Kacper Brown, Chicago, IL Sun Jul 17, 2011

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12
Philip Sencer, Agent, Chicago, IL
Sun Jul 17, 2011
The mortgage market is very fragmented these days. There is not as much consistancy in qualification among all the various lenders as their use to be. You need to contact a number of them to see what they say. Try to avoid the big banks as they tend to be a bit more rigid in their terms. My web site has some lender references.
1 vote
Joe Schiller, Agent, Chicago, IL
Sun Jul 17, 2011
yes you can contact me after you mark as helpful
Web Reference:  http://www.joeschiller.net
1 vote
John Meyers, Agent, Park Ridge, IL
Wed Jul 3, 2013
If you have 640 credit, make at least $40,000, and haven't had any bankruptcies or foreclosures in the last 3 years, you will probably be eligible for the IL Smart Move program which only requires that you put down 1%.

I work closely with Wintrust Mortgage in getting home buyers approved for this great program which most people (even some mortgage brokers) don't know about. Just let me know if you are interested.
0 votes
motano, Renter, Chicago, IL
Wed Jul 3, 2013
how mush is 100,000.00 for 30%
0 votes
, ,
Wed Oct 26, 2011
Based on the CURRENT (this may be dated in the coming months/years) Fannie Mae eligibility maxtrix, you could do the following with a 620 credit score and only 25% down.

Purchase & Rate/Term Refi: 1 unit, primary/second home/investment property (investment, 620 purchase only)
Cash-Out Refinance: 1 unit, primary residence

With a 640 score, 25% down...

In addition to the above:

Purchase: 2-unit, primary residence
Refinance: 1 unit, investment property rate/term
Web Reference:  http://RobWeber.com
0 votes
Abu Musa, Agent, New York, NY
Tue Oct 11, 2011
You may talk to a mortgage broker.Some times low credit score allow to borrow because there are some exception of credit score rule.Try to find that whether you are in the exception or out of exception. Thank you.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Oct 11, 2011
i would give you one but the truth is the only thing holding you back is the collateral and the ability to pay -ie employment.. other than that your golden. call me if ya need help
Web Reference:  http://www.joeschiller.net
0 votes
, ,
Sun Jul 17, 2011
Yes, conventional (Fannie Mae or Freddie Mac) is available down to a 620 FICO with a 20% down payment (or more). This would be your lowest cost option based on the scenario in your question.

Please contact me if I can assist you further.

Regards,
Andrew
aluett@wintrustmortgage.com
Web Reference:  http://wintrustmortgage.com
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Jul 17, 2011
Your best bet is to talk to a loan officer. I have one if you need a good one.
Web Reference:  http://AmericorpRe.com
0 votes
, ,
Sun Jul 17, 2011
Kacper-

Q: Can i get a loan for 100,000 with a 30 percent down payment and 640 credit score?
A: It could - but the information you provided isn't enough to make a full determination.

A credit score of 640 qualifies for all traditional loan programs (FHA, VA, USDA, Fannie Mae, Freddie Mac) that could finance a $100k loan amount with 30% down - owner occupied, 2nd home or rental/non-owner occupied. Other factors are what is on your credit that is bringing your scores to a 640 level instead of a much higher level, late payments? collections? charge-offs? tax lien/judgments? bk? foreclosure? That needs to be known as well as when they happened. Also, is the down payment funds you have saved up on your own? A gift from family/relatives? A little of both? The last part is your income & debts, as in how much do you make and what your monthly payments are on credit cards, cars, student loans, personal loans, etc.
0 votes
, ,
Sun Jul 17, 2011
There are some new programs around that allow lower credit scores, even for those who require PMI. One of the PMI companies just started offering PMI down to a 620 credit score through certain lenders. I suggest you look for a local mortgage banker who is reliable, does not look to rip you off, and is a correspondent lender for a wide variety of banks and lenders. Rather than you shopping around for a lender who will go down to 620, which you may not be able to find on your own, they will do that for you. Keep in mind however that if the 640 is a number you got when running your own credit online, this may not be the score that a mortgage company will get. Don't let everyone run your credit, but once you feel comfortable with someone, have them recheck your score first.
0 votes
Steve Smither, , Palatine, IL
Sun Jul 17, 2011
With a 640 credit score there are only a couple different programs available. You most likely will have to get an FHA, VA or USDA home loan. I am not aware of any lender willing to do a conventional loan with a 640 credit score. Hope this helps... If you have questions feel free to contact me.

Sincerely,
Steve Smither
Senior Loan Originator
Midwest Equity Mortgage
ssmither@ardain.com
847-942-5151
0 votes
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