Who is my best bet for getting a mortgage in apple valley ca with a credit score of 620 and some medical debt?

Asked by Tony Cracraft, Lucerne Valley, CA Thu Jun 14, 2012

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Bo Goulet, b…, Agent, Spring Valley Lake, CA
Mon Jul 2, 2012
Tony;

A lender will pull your credit from 3 credit bureaus, and will use the "middle" FICO.

A 620 isn't a bad score, and I believe FHA has recently removed the requirement to pay minor debts.

An excellent lender in Apple Valley is Roy Quintanar at Alaska USA Mortgage. You can contact him at (877) 722-8919.

Do not hesitate to contact me with any questions you may have.

Bo Goulet, cdpe
Certified Distressed Property Expert
DRE #01854568
Shear Realty-Spring Valley Lake
12170 Spring Valley Pkwy.
Victorville, CA 92395
Mobile: (760) 713-6137
Fax: (760) 243-4552
1 vote
Karen Sanchez, Agent, Apple Valley, CA
Fri Jun 15, 2012
Hi Tony,
You may want to call a local lender and see if they can look at your situation and offer some advice.
Matt @ Regal Mortgage is good. 760.843.8491. Rory at Wells Fargo is good. 760-843-3899 Ext.102.
1 vote
Rory IS highly recommended.
Flag Fri Jun 15, 2012
, ,
Wed Mar 15, 2017
Medical debt is not counted with FHA so don't worry about that. You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

Do you have down payment and closing cost or do you need down payment and closing cost assistance? You may qualify to buy with minimal out of pocket expenses with down payment and closing cost assistance programs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
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ALL Loan Programs Available
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0 votes
Cindy Davis, Agent, San Diego, CA
Thu Jun 14, 2012
Your best best is going to be going to a reputable lender and seeing if you qualify for an FHA loan. FHA standards tend to be a bit more flexible than those required or a conventional loan. Good luck!
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