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50-60% down payment but bad credit...

My wife and myself have credit scores below 600. Due to the fact we have such a large down-payment, can we get approved? by jimmyjjay.85549 from Bronx, New York. Jun 14th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed.. everyone's definition of "Bad Credit" is different.. this is why lenders use credit scores.. having a credit score of 430 is "Under 600".. but with a 430 score, you wont find any financing.. but if you score is 599,, there are options.. 598,597,596, etc, etc, etc.. Loan pricing is based on the LOWEST MID score of ALL borrowers.. lenders run a "Tri-Merge" credit report.. meaning, we run all 3 major bureaus.. and use the lowest mid score.. But the real question is "why?" Why is your score so low? BK, Foreclosure, Short sale, charge off, Judgement, unpaid taxes, or unpaid student loans??? you could have a 750 credit score, yet with one of these deficiencies, you still might be denied.. again, more info needed.. The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 14th 2017

Yes there are programs for you.

Jun 15th 2017
Ed Groussman (Egroussman)
#49 ranked lender in New York - 14 contributions

Yes, I may be able to help, please click on my profile and email me.Im located in NYEd

Jun 17th 2017
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