if we have a 30% down payment for a 250k house, will they still consider our credit? or just the income or still both? if they do still need to read

Asked by lola16601, Fontana, CA Mon Mar 1, 2010

the credit how much do I need to put down to not consider our credit history? we have a very bad credit ...below average ..

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14
Jessica Bate…, Agent, Beverly Hills, CA
Sun Jul 21, 2013
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get your client a loan they can
0 votes
Kawain Payne, Agent, Seal Beach, CA
Wed Mar 6, 2013
Credit will be considered anytime you need any type of loan, no matter how large your down payment is.

Best of luck to you
Kawain Payne, Realtor
0 votes
Charles Lee, , 90069
Wed Feb 20, 2013
If you can put down 30%, we can fund just based on your equity in the property. rates about 6%.
http://www.theboydcapitalgroups.info/
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Feb 18, 2013
They look at your credit and icome for all loans, the worse it is though the more you will need to put down to get a loan. Meet with a local and trusted loan officer who can pre-qualify you and let you know
0 votes
Kawain Payne, Agent, Seal Beach, CA
Mon Feb 18, 2013
The factors considered when you are applying for a mortgage laon are:


Credit
Income
Debt
Down payment

These all matter!!!

Kawain Payne, Realtor
0 votes
Kari Brandler, Agent, Rancho Cucamonga, CA
Mon Feb 11, 2013
Typically your credit will matter. However, it also depends on why your credit is not good. 30% down is a plus in your favor but you need to factor in closing cost etc. It may be wise to see what your debt to income ratio is and it may be wise to pay a few things off and or call creditors and see if they are willing to work with you to remove the negative from your credit report. If the creditors agree make sure to get it in writing. I would be more than happy to help you. Feel free to call me or email me for more assistance.

Kari Brandler
1 Advanced Realty & Appraisal
R.E. License 01751970
Cell: (909) 292-6142
Email: kari.brandler@yahoo.com
Website: http://www.karibrandler.com
0 votes
Donald Mituz…, Agent, Chappaqua, NY
Sat Jan 26, 2013
Depending on why your credit is bad, you may be able to clean it up in a few months to get to a reasonable credit score. A mortgage broker may be able to help you with this. Better to talk to them before you start trying to change things. An example comes to mind where you would think by cancelling a credit card and lowering your potential debt would help your credit score. In reality it could be just the opposite. My question would be is if you have $75,000 for a down payment, why do you have low credit scores.

Don
0 votes
Hena Martin, Agent, Hot Springs, CA
Sat Jan 26, 2013
These days no matter if you put down 30% the lenders have to check you out that you qualify ,they have to since those are the guidelines ,Stated income and assetts don't exist any more.
HENA MARTIN BROKER/OWNER
0 votes
Jamie Henne…, Agent, Upland, CA
Wed Apr 11, 2012
We would definitely need to know what the credit score is to give an educated answer. You can email me directly as I help people with credit problems all the time. My email is Love2listyou@yahoo.com
0 votes
Jamie Henne…, Agent, Upland, CA
Wed Apr 11, 2012
We would definitely need to know what the credit score is to give an educated answer. You can email me directly as I help people with credit problems all the time. My email is Love2listyou@yahoo.com
0 votes
Jesse Sierra, Agent, Pomona, CA
Mon Mar 1, 2010
Hi Lola,

What's your credit score?

Hey Mark Estermyer, what about an FHA loan. Don't they consider the highest credit score?
What percentage are the hard money loans at (8-9%)?


Just a thought.

Best regards,

Jes Sierra, B.Sc.
REALTOR®
Century 21 Beachside
Chino Hills, California
DRE 01772408
0 votes
Barbara Van…, , Folsom, CA
Mon Mar 1, 2010
You have a lot of mortgage professionals in this forum who can give you advice about your credit if you will tell us what "very bad credit" means.

Barbara
0 votes
Mark Estermy…, , San Bernardino County, CA
Mon Mar 1, 2010
Yes, for all agency loans, credit is considered regardless of downpayment and reserves. However, a hard money loan may work for you if the purchase of the home outwieghs the expense of getting this type of loan. The term and rate of a hard money loan (equity position loan) is typically for a shorter period of time with a balloon payment at the end of the term. The cost of processing the loan and the interest rate is significantly higher than the agency loans.

It is always worth the time and effort it takes to get your credit in order. Not all repair companies are reputable and just finding one you trust can be a bigger burden than taking on the task yourself. A seasoned loan officer can help with the process of cleaning credit at no cost to you, but you must be deligent in the process to have any success.
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Mon Mar 1, 2010
I don't know of any lenders doing the no credit check loans anymore. I would consider speaking with a reputable mortgage broker to find out if there are currently any lenders who are doing these and if there are, they may expect even a greater down payment. You should work hard at improving your credit asap. Good luck!
0 votes
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