If I have 10k to put down on a multi family home. Would I get approved even if my credit isn't great?

Asked by desireedelucaxxx, Brooklyn, NY Wed Jan 23, 2013

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Michael Denniston’s answer
Michael Denn…, Agent, Queens, NY
Thu Jan 24, 2013
HI Desiree,

It really depends on many factors including but not limited to price of home, your income, debt load etc. My colleagues are right about getting preapproved to truly determine what you qualify for.I am a licensed loan officer with extensive experience with first time buyers. We are direct lenders in business for over 20 years with an excellent record with the BBB. If you are not yet working with a licensed loan officer or would like a 2nd opinion, I can provide you with a complimenteray preapproval. Reach me directly at 917.699.0183.

Michael Denniston
Senior Loan Officer
License #24076
Cliffco Mortgage Bankers
2 votes
lendersnetwo…, Agent, Plano, TX
Wed Nov 6, 2013
FHA allows lenders to go down to a 580 credit score for home loans. Most lenders do not and they require a minimum score of 620, we work with a lot of people with scores below 600. Check out our site or shoot me an email I would love to help you out.
2 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jan 23, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer visit with any licensed loan officer--there are other factors involved besides credit that determine qualification.
1 vote
What other factors are considered? Thanks so much for your interest and help!
Flag Wed Jan 23, 2013
gdifilippo, , Cranston, RI
Wed Nov 6, 2013
I just had a client in a similar situation. He had a middle credit score of 614, and only had the required 3.5% for a down payment. After reviewing his information, I knew that his income was strong and he had valid explanations regarding any negative items on his credit report. He is now the proud owner of a new 2 family in Kings County, NY. The funny part is 2 other Lenders wouldn't even return his calls when he was looking for his initial Pre-Approval. I would be happy to answer any further questions you may have. Please feel free to contact me through my profile or via my information below.

Gary D DiFilippo
(401) 261-8288
Great Plains National Bank
0 votes
Jacqueline G…, Agent, Brooklyn, NY
Wed Oct 30, 2013
Please contact NACA a grassroots organization that helps folks with not so great credit. http://www.naca.com Has great interest rates also
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Wed Jan 23, 2013
Speak to several mortgage bankers and brokers and get yourself pre-qualified. Then you will find out what you can or cannot do.

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
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