Can I get a mortgage with a large down payment even though I have a 650 credit score?

Asked by DOODLE4587, Milford, OH Sat Feb 18, 2012

I am looking to purchase a condo that is listed for $53,000. I will be putting a down payment of $32,000 and will need a loan for the difference. I have a prior foreclosure on my credit report that was a rental house. Is it possible to get a mortgage for the difference I will need to purchase this property?

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Alain Picard, Agent, Puyallup, WA
Sat Feb 18, 2012
It will depend on how long ago the foreclosure was and which lender you use. If you call around and ask you should find out if it is possible.
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Feb 18, 2012
It will depend on how long ago your foreclosure was and who you choose for a lender. Conventional lenders may need between 2-5 years after a foreclosure. A portfolio lender, credit union or hard money lender may be an option. The hard money lender will be the most expensive, but most willing option. Start with a conventional lender or mortgage broker and see where you go from there.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Feb 18, 2012
For a personalized answer visit with any licensed loan officer; check with the bank you currently do business with, any other smaller banks, credit unions, mortgage brokers....
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Feb 18, 2012
It is often difficult to get a loan for less than $50k, but maybe you have one available. Your lender will be better able to answer the question for you.
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