Mortgage for high income, 40% down payment, no debt, but poor credit and short US credit/tax history/only one trade line

Asked by D W, Mountain View, CA Fri Apr 4, 2014

I am looking for advice on where to go to obtain a mortgage with the characteristics above.

Basically, are there lenders which will care less about the history portion of the application and more about the assets/cash flow portion? After taking out the mortgage I will still have enough cash on hand to pay off most of the mortgage amount, I am basically only looking for leverage.

However due to my international moves and an unfortunate incident several years ago involving a undelivered bill, my credit is poor (680~) and I have spotty credit records here in the US.

Any help or thoughts are much appreciated!

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Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sat Apr 19, 2014

I'm not sure your situation is insurmountable. I guess my first question would pertain to your citizenship status. Are you a US citizen or other?

I'm happy to give this a shot if you have not already solved your problem. Your 40% down payment is a real strength.

Rob Spinosa
0 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Tue Apr 8, 2014
Usually lenders want to see consistency from borrowers when it comes to credit, employment, taxes, etc. Although, your high down payment may allow for more flexibility and loan options for your situation. Since you have such a high down payment it can allow the lender to have different mortgage options for your situation. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes
, ,
Sat Apr 5, 2014
You could get a mortgage from hard money lenders if you have been denied the normal loans by local bank and mortgage brokers.
Good Luck
0 votes
, ,
Fri Apr 4, 2014
Hi DW,

Zach is correct! A 680 credit score is not a bad credit score.

I have some programs that go as low as 500 middle credit score.

Best regards,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
0 votes
, ,
Fri Apr 4, 2014
I would be more than happy to help you. Just send me an email if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079
0 votes
Zach Overturf, Agent, Fort Worth, TX
Fri Apr 4, 2014
In Texas, I have seen lenders accept 680 credit score with 20% down. You might have to pay PMI or a couple points on the loan. I'm not sure how it is in California, especially with the high prices of the homes. I would try and contact local lenders in your area. I'm sure there are plenty to chose from. Hope that helped.

Best wishes,

Zach Overturf
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