I've got a 644 Experian score and want to buy an $85,000 condo in Wilmington (90744 area code) with 20% down. Can a lender and agent contact me.?

Asked by Brian, Los Angeles County, CA Sun Sep 5, 2010

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6
Jeff Hansen, , Encinitas, CA
Tue Sep 7, 2010
Well Bill, who says: Brian, please use the link below before choosing a lender. It's important to know what others have dealt with when doing a mortgage. Not all responses relate to the office you will be dealing with but it's still good to know what you might be getting into.

Web Reference: http://www.complaintsboard.com/'

Seems to have forgotten to put his company information in his profile so one can check him out. That sort of makes you a little chicken s##t to post a link to check out others without having any of your own info scrutinized. What exactly are you hiding?
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Mon Sep 6, 2010
Brian, please use the link below before choosing a lender. It's important to know what others have dealt with when doing a mortgage. Not all responses relate to the office you will be dealing with but it's still good to know what you might be getting into.
0 votes
Alma Kee, Agent, Tampa, FL
Mon Sep 6, 2010
Hi Brian,

You should shop around various lenders.

Also come condos are not financially stable enough or do not have a sufficient percentage of owner-occupants so you may not be able to get financing with only 20% down. You may have to put up 50% or 100%. Some credit unions may be able to offer you financing.

Try: http://www.AimLoan.com they pretty much beat out most lenders because they do not employ mortgage brokers so they don't "mark up" their loans as much.

Here is a great website from a Wharton Business Professor that offers spreadsheets and other useful analysis tools:

http://www.MtgProfessor.com

Hope this helps.
Alma
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Chris Shaw, , Torrance, CA
Sun Sep 5, 2010
Hi Brian,
My name is Chris Shaw and I am a Wilmington resident as well as a RE/MAX agent. Yes you should be able to easily qualify for a loan. We have a very close relationship with BofA and you are on the right course, we will get you qualified first and then find your new home. Let me know what time and day is good for you to come to my office. My phone # is 310 989-4915
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William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Sun Sep 5, 2010
Brian, before you look into putting that much money down, consider this:

With your score, you'll need to go FHA. We use the middle of 3 scores, so we'll need to know what your Equifax and TransUnion scores are in order to find out if you qualify. Score is not the only factor that qualifies you, which is why you're smart to ask to speak to someone about financing.

You'll need to make sure the condo is FHA approved (or VA if you are a Veteran). For every $1000 down, you save $5 a month. So, putting $17,000 down versus FHA's minimum 3.5% down ($2975) is a difference of $14,000 to round down. That's a payment difference of $70 a month. I'm sure for $70 a month more you can find a better way to save or spend $14,000 (towards increasing your score for future purchases).

Add to that is the fact that your loan amount will fall below a certain amount that the lender deems too low to finance and will charge you points or a higher rate. The banks don't make money on loans that are too small and therefore charge you for it.

I am licensed in all 50 states, however, I'd rather see you put less money down and stick the $14,000 into an IRA.
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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sun Sep 5, 2010
Brian:

Give me a call in the morning and I can refer you to a great direct lender who will be able to guide you to a loan. He will get you pre-approved so that you can then feel confident putting in an offer on your new home. If you prefer to e-mail me, you can do that through my profile. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
http://shel-lee.listingbook.com
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