What the lowest credit score for a 300K conventional loan for a house in Miami?

Asked by David Tejera, Miami, FL Thu Sep 6, 2012

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Thu Sep 6, 2012
Hello David,

you would need a minimum score of 620. Please feel free to contact me for a pre-approval at your earliest convenience, if I may be of any service to you.

If you are below 620 and need some guidance on how to improve your credit, I am here to help.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS # 299 244

1931 NW 150 Ave - Suite 103 C
Pembroke Pines, Fl. 33028

Cell: 954.695.4849
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Sep 6, 2012


$300,000 sales price x 6 realtor points= $18,000

Buyer's Agent takes $9,000 and rebates ypu back $5,000

Here is a list of just a few items borrowers can apply their Realtor's Rebate Credit towards:

pay for closing costs
pay for separate attorney representation for buyer
pay for Interest Rate reduction
pay for the 1st full year of home ins.
pay for taxes and ins. escrows
pay for home repairs
pay off credit card debt and auto loans
pay off collections and judgments
pay to lower the sales price
pay for new furniture
pay to upgrade all new appliances
pay for home remodeling and additions
pay to have home painted
pay for weekly pool maintenance
pay for credit repair
pay for landscaping
pay for monthly lawn care
pay for new A/C system
…and/or even pay prior realtor for their efforts

NOTE: consumers should shop lenders and realtors for their Best Overall Deal.

The Florida Real Estate Commission(FREC) Rule 61J2-10.028 (2) provides that a licensee may share brokerage compensation with a party to a transaction as long as full disclosure is given to all interested parties.

US Dept. of Justice Consumer Alert: Consumers Can Save Thousands of Dollars in Commissions

Contact me and I’ll introduce you to realtors who offer Buyer’s Agent Credit savings anywhere in FL.

Steve McRory

Pro Option Mortgage



Ph: 888 662 4404

Prior Service U.S. Marine Corps
0 votes
Margarita E.…, Agent, Sunny Isles Beach, FL
Thu Sep 6, 2012
Please get in touch with a qualified professional who can answer all of your questions.

Robert D. Franco
Senior Loan Officer
Direct: (954) 213-0030
Mobile: (954) 802-4900
Fax: (888) 307-6997
Email: Robert.Franco@gbmail.com
Apply Online: http://www.robert-franco.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Sep 6, 2012

Even more simple, we may be able to do a Rapid Re-score to get you over the 620 mark.

Then, doing a FHA loan with only 3.5% down, we can have one of my realtor partners help you locate and negotiate your best deal AND contribute up to $5,000 in a Buyer's Agent Credit to pay for your closing costs!


contact any realtor you think you like and listen to what they say they’ll do for you. Then ask them to refer you to their very best “Preferred” or “In-House” Lender. Listen to their best purchase strategy and ask for their best written quote on an estimated sales price, on a TBD (To Be Determined) property address.

contact me, I’ll present my best purchase strategy, show you what my realtor partners can do for you. Then compare to see which team offers the best purchase strategy and your best overall deal.

You’ll be shocked at the difference you’ll find with such little effort!



NOTE TO CONSUMERS: shop multiple Lenders and realtors for your Best Overall Deal!

Call me today, I actually answer and return phone calls.

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404
0 votes
Steven Epste…, Agent, Coral Gables, FL
Thu Sep 6, 2012
Hi David, if you have to ask "how low a score" that is not a good sign to start off. FHA can up to $335K and maybe more soon with a 580+ score IF you qualify on all other counts ... eg. your max Debt/Income ratios should not exceed 45%. Over 620 FHA is easier, they may go to 51% debt/income ratio if all else falls into place. Generally CONV loans require 660 or above on ALL 3 credit bureaus, called a tri-merge report in the industry, which may well score slightly different than any retail scoring model you may be using. Your best bet is to inquire with a solid, reputable, direct lender and have them pre-approve you. If you'd like to work with my over 32-yr network of such professionals please contact me at your convenience. Thanks, Steve E
0 votes
Nereida Figu…, Agent, Miami, FL
Thu Sep 6, 2012
David, more simple, if you have a credit score in 620 FHA loan apply to you if you have above 640 them you can have conventional loan, need more information and how to do it., call me at 305 519-3199 or nfigueroa3199@hotmail.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Sep 6, 2012

Generally 620 is the cut off for many lenders. However, with a minimum of 20% down, and compensating factors, you might be able to buy with closing costs paid for you.

Response from a retail Bank Rep. after I asked her how many of the below programs they can offer: Honestly Steve, after reviewing them, I don’t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks

100% LTV- USDA/12 mo. into Chapter 13 BK is OK!
100% LTV- VA/can pay off debts on purchases too!
99% LTV- FHA

97% LTV- No PMI/MI and No 1.75% FHA FEE

95% LTV- No PMI


90% LTV- No PMI-2nd Home

90% LTV- JUMBO w/cc

85% LTV- NO PMI to Super Jumbo
80% LTV- Invest. Prop.

STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com

80% LTV- FIX n’ FLIP Invest. Prop.

80% LTV- NEW- Stated Income Alt

75% LTV- NEW- Foreign Nationals- Stated Income Alt

75% CLTV-NEW- after Short Sale, BK or Foreclosure

70% LTV- Soft and Hard Money -Stated Income Alt


COMMERCIAL PROGRAMS (many programs available nationwide)

Steve McRory

Pro Option Mortgage/Florida



Ph: 888 662 4404

Prior Service U.S. Marine Corps
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