I have a 590 credit rating,,but I am abel to put 35k down and have annual income of 75k been at the same job over 20 years.I am looking to buy a home

Asked by Anthony Garcia, San Antonio, TX Sun Sep 22, 2013

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Feb 19, 2014
The only thing you may have trouble with is your credit score. A lot of lenders would want to see a credit score of 600-620. Luckily your income, consistent employment, and down payment will allow lenders like myself to qualify you with a score as low as 580. I recommend speaking to a lender like myself who would be more than willing to speak with you to help you get the loan that you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
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Simon Campbe…, Agent, Miami Beach, FL
Sun Sep 22, 2013
To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range though most require 680. USDA loans with a credit score of less than 580 are denied if you have been late on any payments. (Reference: http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderw…)

There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)

If you are looking to buy, your first step is to get pre-approved by a lender. If approved for a loan, they will give you a letter stating how much you can borrow. Add that amount to your down payment and then you know how much house the bank thinks you can afford. A copy of this letter is submitted with your offers.
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