I have a large down payment ($100K) but very poor credit (580 or so) will I be able to get a mortgage?

Asked by Gigi, 18464 Fri Jan 8, 2010

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5
Julie Paddock, , Wyoming County, PA
Mon Feb 1, 2010
Don't loose hope. Use some of the 100k down or any tax money you get back this year to pay off items on your credit report. Start paying your monthly bills automatically using an auto draft of banking online. This should repair your credit. I would be happy to assist you in obtaining financing. Call me and we can discuss this more.
Best wishes,
Julie Paddock
Century 21 Sherlock Homes
Tunkhannock PA 18657
570-746-0383

Take a look at my website for more information: http://www.century21paonline.com
0 votes
, ,
Sat Jan 9, 2010
Here is my blog on fixing your credit:

http://www.trulia.com/blog/al_akerman/2010/01/can_i_get_a_mo…

Depending on your credit history, it is very likely that you can bring your score well over 620 in a matter of weeks.

I hope this was helpful.

Good luck.
0 votes
Pat & Steve…, Agent, Westlake, OH
Fri Jan 8, 2010
I suggest that you contact a lender to look at your credit history. Your credit score is below most lender's credit score requirement for lending which is 620 or above. However, if you cannot qualify now, a good lender will tell you what you need to do to improve your credit score and credit history.
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Fri Jan 8, 2010
I am afaid Lynn is right, those low FICO's are more than likely to be a big factor into the NO answer. I would go to a good lender, sometimes they know ways to get your FICO's up quicker.

The other option is looking for personal finance. There are some investors out there who will lend but again it could be too big of a hurdle.

Kindest Regards,
Dianne Hicks
Web Reference:  http://www.di4homes.com
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jan 8, 2010
Mortgage broker would need review your entire file . depends on purchase price of the home, your employment of 2 years, what are the negative issues on report,

A large down payment can assist with poor scores much more comes into the factor.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
0 votes
you're screwed, save a little more and pay cash . :)~
Flag Sat Feb 22, 2014
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