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Am I able to buy a home for 575k if I put 120k down? I have pretty bad credit, but all else is good.

by nicole75 from Rossville, Pennsylvania. Jul 18th 2016 Reply


Scott Fix (ScottFix)
#1330 ranked lender in California - 184 contributions

Nicole, Great question. It all depends how bad is pretty bad and what other factors you may have to help or possibly hurt your situation. Here is what I would suggest....... Get in touch with Xperia. They perform credit restoration for a very reasonable fee. The name of the rep to talk to is Matthew Mincks. Here is their web link where you can get alot more information. http://www.xperiacredit.com/ You need to get with a local loan professional who has a good reputation of client service to look at current income, debt to income ratios and a whole host of other factors!! All the best, Scott.

Jul 18th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Much more info needed to properly answer your question.. Having "pretty bad credit" is subjective.. for one person, this could mean they forgot about a credit card payment 3 years ago.. while someone else might think they have "pretty bad credit" if they have 25 collection accounts.. this is why lenders look at credit reports and use credit scores to determine eligibility.. Also understand that it takes more than a credit score to qualify.. Debt, debt to income ratios, type of income, type of employment.. what about credit deficiencies? BK? Judgement? Foreclosure? Unpaid taxes or student loans? etc.. you could have a 750 credit score, yet with one of these types of credit deficiencies, you still might be denied.. Having a large down payment is a step in the right direction, but it's no guarantee you will get financing.. For this reason, I suggest you contact a LOCAL mortgage 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 your LOCAL 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 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 larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jul 18th 2016
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Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 67 contributions

Yes, I agree with the other two responders. I would get your three credit scores if you haven't already. If your scores average 620+ and you live or the property is in Pa. I can help. Thanks, Jason Jason.bennett@movement.com NMLS 147890

Jul 18th 2016
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