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Asked by Smith, Manchester, NH Thu Aug 16, 2012

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Scott Hulen, , 64068
Sat Aug 18, 2012
I don’t know how it works in NH but small banks in Missouri are willing to loan money for the type of situation you describe. Terms are generally 25% down, adjustable rate at prime plus _____ not to go lower than 5%, 30 year amort. proof of income & assets. This is usually not a big deal, if you are self-employed & work with smaller banks that understand this type of deal, B of A doesn’t get it and most realtors are not informed enough to offer sound advice on the subject. This is AMERICA and small banks can still do non-conventional loans, but they make a little extra profit on you for the type of loan you are describing. If you are self-employed or make non-conventional income then you need to be doing business with 2-3 smaller banks and create a personal relationship with them. This means very little on line banking, no direct deposit, if you need an auto loan and they are ½ % higher than the big bank you still do business with the small bank, if you have a business take out a small line of credit use it & pay it off then repeat the process, in the meantime when you drop by to make deposits on your business account they will probably ask you how is your business doing? You now have the ability to paint a picture of your business and continue to build faith and trust that you are an ethical person who will repay any loans made to you. Don’t get me wrong they will still require documentation, tax returns and personal guaranties but when it’s a judgment call and they know you and your business they can & will make it happen. In the end with smaller banks it’s about people, trust and numbers and not just the numbers. Good Luck! Ps I know what I’m talking about I’ve been to the big banks and been turned down to the point of them not wanting to loan me a dollar for a cup of coffee, in the meantime I have borrowed millions from smaller banks with a lot less hassle and paid back every dime.
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Micki Geffra…, , Manchester, NH
Fri Aug 17, 2012
If you have issues beyond a regular lender send me an email, I have alternatives...and if you go with a mortgage broker ask that your application be sent to under writing before you look for a home...because a preaproval on paper is one thing... But they wait till you are under contract, have spent money on your approval and inspections and have passed all your commitment dates (so you loose your deposite) before they tell you that you are denied for something simple, like not enough credit cards open, or closed.
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Micki - Please email me - i am looking for ALTERNATIVE financing for a home - similar situation as above, Self employed sizable down payment, bad score -
Flag Sun May 5, 2013
Scott Miller, Agent, Boca Raton, FL
Fri Aug 17, 2012
Hi Smith. What are you doing to raise your credit score? You down payment and income are fine. 600 used to be an excellent score, back in the day.

Lexington Law is a company I refer people with credit issues to help them increase their score. They're not very expensive and do get results.

This would be a great first step.


Scott Miller
Realty Associates
Boca Raton, FL
0 votes
Bob Clark, Agent, Auburn, NH
Fri Aug 17, 2012
Hi Smith

I am a local Realtor in Manchester and I have a broker that I work with on a daily basis in Bedford.Contact me and we will work with Bill at RMS and we will get something to work for you!

Bob Clark
Bean Group
Web Reference:
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Thu Aug 16, 2012

If you have a 590 minimum credit score and 50% down, you can find lenders that they are willing to
give you a loan. Your best option is to contact a Mortgage broker, they have access to a different
lenders, no only Banks.
Maria Cipollone
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Dana Curtis, , Manchester, NH
Thu Aug 16, 2012
Without looking at your credit report, and what is being reported I have been able to place loans with a 600 credit score, as long as there are compensating factors. A large downpayment is a very good compensating factor.

If you would like to have me review your credit and crunch some numbers for you, feel free to fill out an application at my web site.

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Lee Johansen, Agent, Bedford, NH
Thu Aug 16, 2012

First and foremost, this is a question for a lender more than for a real estate agent. It is my understanding you'll need to get your score up to 650+, but again, I defer to a lender. Here is a lender recommendation:

Robin M. Cousineau C.M.P.
Residential Mortgage Services, Inc.
1 Club Acre Lane
Bedford, NH 03110
Phone: 603-232-9620
Fax: 866-596-8221
Cell: 603-396-4581
Licensed by the New Hampshire Banking Department.
NMLS# NH18939

Robin and I have been working together for 10+ years and I highly recommend her. She can help you understand what you'll need to do to increase your score.

Also, in the past, you could have gotten what is known as a "no doc" loan due to your large down payment This type of a loan is no longer available...

Best wishes, Lee
Lee P. Johansen
Keller Williams Realty Metropolitan
168 South River Rd. Suite 1A, Bedford, NH 03110
Cell: 603-315-0739
Fax: 603-628-2246
Office: 603-232-8282
Licensed in New Hampshire

I'm never too busy
for your referrals
0 votes
Annette Levi…, , New York, NY
Thu Aug 16, 2012
Your credit score shows that you have credit problems. You will not be able to get a mortgage unless you show that you pay your bills on time. Go to your local non profit housing group for credit counseling. They will go over your credit report with you and tell you what you are doing wrong and what you should be doing. Listen to them and when your FICO is 640+ you can consult with a mortgage officer to see how much of a mortgage you qualify for.
0 votes
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