First time homebuyer looking for a lender that deals with bad credit. Please tell me it's still possible to purchase a home and how?

Asked by valny10, West Babylon, NY Mon Mar 31, 2014

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Sanjeev Ahuja, Mortgage Broker Or Lender, Floral Park, NY
Sat Apr 12, 2014
As a mortgage broker I have several lenders to work with and one of them may just be the right fit. If you can provide me with more information then only it will be possible to determine. My contact information is given below.

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
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Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Wed Apr 9, 2014
Every lender will have different guidelines pertaining to minimum credit scores and I can only speak for the ones I work with. As long as you have a 550 FICO (credit score) you meet the eligibility guidelines granted a 10% down payment would be required. In order to take advantage of the 3.5% down payment option, a minimum 580 FICO would be required. I do work with a few lenders who do not have credit score requirements, however, these are last resort options as they typically require larger down payments. We need to evaluate your scenario from all angles to best determine which route makes most sense from a financial standpoint.

It's also important to note that your score is equally as important as the content within your credit report. This is where an experienced mortgage professional, such as myself, is most important. When scores are low it generally means one or more are impacting your credit profile negatively: high credit utilization in comparison to available credit, late payments, collections, judgments, or other derogatory marks. There is nothing I haven't seen before being that I review credit reports on a daily basis. It's simply a matter of proactively understanding how an underwriter will look at your report (when the time comes) and making sure all potential questions they may have are addressed ahead of time.

As you can see there are many aspects of obtaining mortgage financing, especially when there's concern regarding credit. It's best that we speak and go over all other facets of the home purchase process so we can weigh-out all feasible options. Please contact me at your earliest convenience, I may be reached directly at (201) 957-6768 or via email; whichever is easiest for you.

Kind regards,

Paul F. Marzolla
Sr. Mortgage Consultant

(201) 957-6768
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Mar 31, 2014
Depends on what you consider to be bad credit. For the most part lenders require a minimum credit score of 620. Often I meet clients whose credit scores are lower. I am able to tell them exactly what they can do to rapidly improve their credit scores and be able to qualify for a mortgage. This a better option than going through a credit repair company because it's free and you hear straight from someone who deals with credits daily and knows exactly what it should look like in order for you to qualify for your mortgage. Feel free to call or email me anytime and I can certainly set an appointment were we can meet in person and go over the entire process, including your credit report. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
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