will I have trouble getting a loan putting 170,000 down on a 200,000 home with a credit score in the 800's ??

Asked by jlefev33, Wilmington, NC Tue May 6, 2014

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My NC Homes…, Agent, Chapel Hill, NC
Sun Sep 28, 2014
Yes but only because lenders don't want to lend less than $50,000. Other than this you're "golden" to any lender and won't have any problems at all.
0 votes
Carter Ransom, Agent, Edmond, OK
Sun Sep 28, 2014
That is a great position to be in financially. You should have no problem getting a mortgage for this property, however, if you do run into any snags, you may opt to get a personal line of credit instead. Either way, I wish you the best on your future purchase.
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jiejie0810, Home Buyer, Wilmington, NC
Sun Sep 28, 2014
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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Tue May 6, 2014
You may have some difficulty finding a lender willing to lend such a low amount. Since you are putting down 170,000 and the home only cost 200,000, that means the loan will only cover 30,000. Usually, lenders have a minimum loan amount of 50-60k. So you may not be able to easily find a lender that is willing to fund a low loan amount. Either way, the best thing for you to do is to speak with a knowledgeable lender 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
Elva Wormley, Mortgage Broker Or Lender, San Jose, CA
Tue May 6, 2014
You should not have a problem as long as you have a stable source of income and your debt-to-income ratio is within the guidelines.

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
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