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Credit Score in Palm Beach County : Real Estate Advice

  • All124
  • Local Info7
  • Home Buying84
  • Home Selling6
  • Market Conditions3

Activity 3
Wed Mar 25, 2015
Tina Lam answered:
It's definitely possible if you have enough cash. In this part of the market cycle, you should have all cash available to be competitive.
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Mon Aug 6, 2012
Steve Shalaby answered:
Hi, after 17 years of lending, I can tell you that it definitely does hurt your credit score. No one can tell you exactly how many points you'll lose for the additional inquiry because this is a closely guarded trade secret of the credit bureaus. All I can tell you is that it'll likely be a few points. It's ok to shop maybe two lenders, but in my opinion any more than that and you'll risk not getting the loan approved. Remember, FHA loans require a minimum FICO score now of 640. So if you're already close to that, you'd better be careful.

If you'd like to give me a call, I'd be happy to help you. We are located right here in Boynton Beach on Federal Highway, just a block north of Woolbright. Our rates are the lowest possible, plus we can help you get some cash towards your closing costs to help save you some money. Call me for details and I'll be happy to meet with you either in person or right over the phone!
My number is: (561)364-LOAN (5626) and my email address is: steve@streamlinefg.com.

Looking forward to hearing from you!

Steve Shalaby
President
Streamline Financial Group, Inc.
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Tue Apr 17, 2012
Dan Tabit answered:
Allison,
FHA is just about the only game in town if your credit is less than okay. They also offer relatively low down payments of only 3.5% where conventional starts at 5% (in some areas 10%).
I would encourage you to meet with a local mortgage broker. Broker's have multiple sources of money to loan including FHA, Conventional and Portfolio loan products. If they can't help you your only other choice will be a hard money lender at high rates, high fees and large down payment. Best of luck.
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