I have LOW verifiable income, BUT very high credit score (770) and only need to borrow $60,000 on a $78,000 home. Very small debt ($205/mo). Lenders?

Asked by grant, Mobile, AL Fri Oct 14, 2011

What lenders in Maricopa, AZ area might I talk with? And what are my chances for $60,000 loan?

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Bill Parker,…, , Scottsdale, AZ
Fri Oct 14, 2011
Hi Suzanne:

The answer to your basic question is, "It Depends".

There are what I like to call the Three Pillars of Lending: Credit, Income and Assets (CIA, for short).

Credit: With a 770 credit score you should be able to get almost any loan out there (assuming it is a mortgage-related credit report--many people get other types of reports and tell me they have , for example, a 936-credit score, which does not exist in the mortgage industry).

Income--You ask about this pillar. It really is not a question of how low your income is, but what is your "debt ratio". Take your current credit report -type payments (car, credit cards, etc.--versus, life insurance premiums, food, utilities, etc) AND your new house payment (including principal, interest, homeowners insurance, real estate taxes, homeowner association dues, etc.) and divide the total by your monthly income. This is your debt ratio. For conventional loans, you should be below 45%, or have positive compensating factors to get to 50% exception. FHA, they want 55% or lower. I have helped people with as little as $800 in monthly income get into the home of their dreams...

Assets--This is determining if you have enough verifiable cash or other "liquid assets" to make the downpayment on the home (you indicate $18,000 or about 23%, so no mortgage insurance), plus pay for any uncovered closing costs and prepaid amounts (real estate taxes, homeowners insurance, interest).

So, probably more than you wanted to know, but all three pillars matter.

Give me a shout if you wish further information and a good lender to work with in the Maricaopa area.
2 votes
Ron Kuhn, , Arizona
Fri Oct 14, 2011
Good Afternoon Suzanne

I would be happy to assist you in determining what you can qualify for.

Please feel free to email me your contact info and/or call on me anytime.

You could also jump on my web-application and submit the full application to me for a speedy review.

I am here to assist you and will respond quickly.

Ron Kuhn
AmeriFirst Financial
1 vote
Bill Parker,…, , Scottsdale, AZ
Thu May 10, 2012
Couple things:

Is anyone else realizing this question was from LAST October?

Second, since this idea was just introduced, when someone tells me they got a loan without a credit check (insinuating they have credit issues) and at 3%, when long-term interest rates have never been that low, my instincts are to run away, as fast as I can. Lending is all about risk vs. benefit--what is the risk the lender is going to get repaid vs. the rate of interest someone is willing to pay for the benefit of getting money lent to them. NO ONE is going to lend to people with credit issues at such a low rate (as we all know some of those loans are not going to be paid back, erasing any profit from a whole bunch of other 3% loans) and stay in business very long. It just does not work that way.

Which tells me there are some other costs being assessed which make that particular lender "whole". Are there excessive Points? Are the fees enough to make up for the low interest rate? Something is out there, and I hope whomever contacts ANY lender, goes into the deal understanding these facts.

Good luck, out there. It is a jungle! :)
0 votes
Grace Adewumi, Agent, SCOTTSDALE, AZ
Thu May 10, 2012
I know a knowledgeable loan officer that can help. I think you do have a very good chance of obtaining a loan. if you like I can forward his information to you. Call or or e-mail me and I will send you his information.
Grace Adewumi
Realty One Group
0 votes
Grace Adewumi, Agent, SCOTTSDALE, AZ
Fri Oct 14, 2011
Hi Suzanne,
The best place to start is to contact a loan officer. I do know a very good one. If you like I can send you his contact information. He will look at your income, your credit score and the debt you have right now and let you know what your chances are. You can call or e-mail me.
0 votes
Dagmar Mouri…, , Chandler, AZ
Fri Oct 14, 2011
Debt to income ratio is very important. The percentages vary depending on the loan program but the highest I heard was 40% and the $205 are included in that. Credit score will not get you over that issue. Actually, as long as someone has income the credit score can be as low as 580 for a primary residence loan.
Call or email for referral to local mortgage lender. I'm a Maricopa realtor. We have a special loan program here with zero down that is only available in some rural areas. It's called USDA loan. That program has certain benefits but is only for primary residents.
Web Reference:  http://azbestrealty.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Oct 14, 2011
Much will depend on just how low the verifiable income is--start by checking with the bank you currently do business with, or any other smaller banks, credit unions, mortgage brokers.....
0 votes
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