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Does anyone know a lender that works with fair/poor credit but good salary and 30% downpayment?

by sebzan from Andover, Massachusetts. Jun 14th 2013 Reply


Corey Gee (cgee@perennialfunding.com)
#95 ranked lender in Pennsylvania - 14 contributions

We can do a loan for you with a 550 FICO score or better but you have to have compensating factors.. Please give me a call so we can discuss. 610-233-0098.

Mar 29th 2014
Call: (610) 233-0098       Send a Message    Website
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

With 30% down, you may find a seller who will carry the financing.

Jun 14th 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 87 contributions

Hi each lender and bank has their own specific criteria for score and such so it all depends but the majority need to have score of 620 + to do a loan going FHA. So for more specifics to your situation please call and or email me thanks Robert Oliveira 508 802 0935 or robertoliveira51@gmail.com

Jun 14th 2013
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Richard Shapiro (RShapiro)
#12 ranked lender in Massachusetts - 71 contributions

We can. It will depend on how poor but lets talk and find out.

Jun 14th 2013
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I had a few baddies in my report when my father-in-law passed away and we had to pay all the expenses. We have a good salary, have some savings for a good down payment of 30% of the house value and are trying to buy our first home. I know we should wait a bit until our scores are up again, but renting here in the Andover area is brutal (3.5K/month) and have been in temporary housing (we just relocated to this area) for a month.

Jun 14th 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 87 contributions

Hi each bank and lender will offer some unique things based on score and down payment and such but again most want score 620+ I have done some with 600-620 with large down payment but only as FHA. So let me know your situation. Call and or email me. Thank you Robert Oliveira

Jun 14th 2013
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Richard Shapiro (RShapiro)
#12 ranked lender in Massachusetts - 71 contributions

We have a credit analyzing software that can show where improvements to your score can happen. There is no cost/obligation for this service. If you apply for pre-approval and you are above the minimum, great. You can always be improving your score while shopping around and then you will be in a better position if your search takes time.

Jun 14th 2013
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 498 contributions

Sebzan, really depending on what is holding your credit score back, will depend on what the next step for you in getting a pre-approval would be. I would suggest calling Rich (I have referred clients to him before I was licensed in all 50 and he is a true professional) and haivng him take a look at your qualifications. It shouldnt take long and if you are in position now to qualify with a lower score, there is nothing wrong with taking steps to improve your score especially if you are looking to utilize conventional financing.

Jun 14th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

It depends on how poor poor is. There should be a number of lenders out there to help you. You may even find one on this forum. I do loans in Indiana so i cant help you. Good luck

Jun 14th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

There are plenty on the website that will offer their services with 20% down.

Jun 14th 2013
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,221 contributions

If you have 30% downpayment to work with you might be able to make some quick improvements to your score by using some of your cash to pay down or pay off revolving debt (in particular, make sure all your credit cards have balances less than 30% of the limit on the card). The score will have a significant impact on the rate of the loan and even with the $3500 rent payment you might be better off in the long run improving your qualifications. Pick someone who is licensed in MA (local OR internet) to work with and help you figure out your options. (I have relatives there but don't have enough business to justify the license...) We have local lenders and I'd be happy to refer someone.

Jun 14th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,638 contributions

Everyone's definition of fair & poor credit is different... that's why the score is important.. if your mid score is over 640, you will have endless possibilities... (assuming all other loan requirements are met).. quite a few lenders here lately have dropped their mid score requirements to 620, and there are even lenders out there willing to go down as low as 580.. Also, a good mortgage broker can show you how to improve your score in as little as 30 to 45 days.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Jun 14th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,638 contributions

Everyone's definition of fair & poor credit is different... that's why the score is important.. if your mid score is over 640, you will have endless possibilities... (assuming all other loan requirements are met).. quite a few lenders here lately have dropped their mid score requirements to 620, and there are even lenders out there willing to go down as low as 580.. Also, a good mortgage broker can show you how to improve your score in as little as 30 to 45 days.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Jun 14th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

depends on how poor the credit score is? but you should be able to get financing with 30% down.

Jun 14th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

depends on how poor the credit score is? but you should be able to get financing with 30% down.

Jun 14th 2013
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So, a bit more background: the problem with my credit history is the average age of accounts (I closed a few accounts a couple of years ago, all paid in full), two paid collections (one for $150 the phone company "forgot" to bill me and is under dispute) a paid charge off and some late payments. I am debt free (no pending charge offs, collections or late payments) and was just approved for a car loan I took just to improve my score.I have no foreclosures or bankruptcies. I have some FAKO scores of 621 and 664 (both say "good"), but I got a big surprise when I saw my FICO was close to 590... go figure this FAKO scores.I could wait a bit until my scores improve, but I have been looking for rentals in the area and the market is brutal, there is nothing literally.

Jun 14th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,638 contributions

Everyone's definition of fair & poor credit is different... that's why the score is important.. if your mid score is over 640, you will have endless possibilities... (assuming all other loan requirements are met).. quite a few lenders here lately have dropped their mid score requirements to 620, and there are even lenders out there willing to go down as low as 580.. Also, a good mortgage broker can show you how to improve your score in as little as 30 to 45 days.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Jun 14th 2013
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,221 contributions

With a 590 and no open accounts you are going to have significant challenges, and from your description a "credit repair" or improvement company isnt likely really be able to help - your problem is that you don't have any recent positive credit to offset the old problems. The new car loan will help, eventually, but might actually drop your score initially. My understanding is that ideally you should have a minimum of 2 open accounts and one should be a credit card. From the little I know you would likely be a good candidate for a "rent to own" situation, probably at least 6 months to pull your score up. Good luck.

Jun 14th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,638 contributions

Everyone's definition of fair & poor credit is different... that's why the score is important.. if your mid score is over 640, you will have endless possibilities... (assuming all other loan requirements are met).. quite a few lenders here lately have dropped their mid score requirements to 620, and there are even lenders out there willing to go down as low as 580.. Also, a good mortgage broker can show you how to improve your score in as little as 30 to 45 days.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Jun 14th 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 87 contributions

Hi Instead of going back and forth here call me I am in Mass or call a local Mass broker or lender who can help you and help improve the score in about 30 days or so my # 508 802 0935 email robertoliveira51@gmail.com look over your credit and then and only then can guide you and lead you in right direction but a 590 to get to 620+ will not take long stay with a local company who can help and is much quicker

Jun 14th 2013
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,221 contributions

PS> The first suggestion above from Dave is also potentially an option, it's possible a seller might self-finance your home purchase, possibly with a baloon after 12 months.

Jun 14th 2013
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Richard Shapiro (RShapiro)
#12 ranked lender in Massachusetts - 71 contributions

You have three scores so when we run credit we are looking to see what the middle score is.If that score is above a 620, you should be ok. If close it sounds like it will work its way up over time.

Jun 14th 2013
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So, a bit more background: the problem with my credit history is the average age of accounts (I closed a few accounts a couple of years ago, all paid in full), two paid collections (one for $150 the phone company "forgot" to bill me and is under dispute) a paid charge off and some late payments. I am debt free (no pending charge offs, collections or late payments) and was just approved for a car loan I took just to improve my score.I have no foreclosures or bankruptcies. I have some FAKO scores of 621 and 664 (both say "good"), but I got a big surprise when I saw my FICO was close to 590... go figure this FAKO scores.I could wait a bit until my scores improve, but I have been looking for rentals in the area and the market is brutal, there is nothing literally.

Jun 14th 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 87 contributions

just call me or email me and I will be more than happy to look at your situation and help and guide you as I have a very good credit repair track record here locally the local realtors send the people to me as I have helped over 15 people in the last 3 months repair there credit for free they use my advice and then they are good I know from personal experience as well how long it will take. so call me to discuss thank you Robert Oliveira

Jun 14th 2013
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James Mazzola (Mazzola)
#111 ranked lender in New Jersey - 311 contributions

You need at least 30% Down

Jun 14th 2013
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Jeff Sarkisian (Jeff.Sarkisian)
#9 ranked lender in Massachusetts - 6 contributions

Sebzan;You may have a possibilty, it depends on other factors. I work fot Greenpark Mortgage a subsidary of Berkshire Bank, over thelast fw weeks, I have done 3 portfolio loans with credit scores as low as 630, it was 40% down, but it worked. The key is what are the compensating factorsI am a life long resident of Andover and my family has a business in town; Sarkisian Farms Driving Range and Ice Cream Stand. Shoot me a email or give me a call 978 502 3007. I have been in the mortgage business for 22 yearsJeff

Jun 15th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#17 ranked lender in New Hampshire - 31 contributions

I have 580-619 FHa options, case by case. Send me an email @ chris.caporiccio@wellsfargo.com to review your options.Thank you

Nov 4th 2013
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there: We can go down as low as a 580 fico score....let me know if any bank has pulled your 3 credit scores. with 30% down will not be an issue but need to confirm your 3 scores and some other parameters with you .. Feel free to call me and discuss. Lending nationwide. Mike 703 505 5300 NMLS 754875 mconvin@banchomeloans.com

Nov 18th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 638 contributions

I can work with you down to a 560 score and you may not have to put that much dow. (unless you want to). If you would like to get pre-qualified feel free to reach me at your convenience. Leave a voicemail at 301-651-7822, or email me at robhanson@emortgagegroup.com. Good luck!

Nov 18th 2013
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Ken Dunn (loanman)
#18 ranked lender in Idaho - 40 contributions

Fico fixation is a loan officer disease- I am a real person, lets talk....low Fico is not a death sentence..

Apr 24th 2014
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Colby Neal (ScottsdaleInsurance)
#112 ranked lender in Arizona - 71 contributions

You're eligible for any loan product. The difficult task that most self-employed borrower's face is the income calculation of qualifying for the loan product.Here are the requirements and the way debt-to-income is calculated in this situation:Must be with the same employer or in the same line of work a minimum of 2 years. We review your most recent 2 years of tax returns; taking an average of the two years to determine how much can be counted towards your monthly income.I'd be happy to review your tax returns to aid in making a decision. Other factors, such as, credit score and credit history play an equal roll of importance in the pre-qualification process.www.imortgagelending.comcolby@imortgagelending.com

May 1st 2014
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Steven Karp (stevek81)
#29 ranked lender in Massachusetts - 113 contributions

Sure, you can get an FHA loan with a 580 credit score and still do conventional mortgages with a 620 credit score....where are you are score wise ? Feel free to contact any of us here

Dec 2nd 2014
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Pouyan Broukhim (PBFinancial01)
#956 ranked lender in California - 22 contributions

PB Financial group lends to borrowers with 30% down payment, as long as the property is in California. Thank you Pouyan Broukhim---PB Financial Group Corp323-935-5555 x 102 Office866-318-4471 Direct Faxinfo@pbfinancialgrp.comhttp://www.pbfinancialgrp.com/wholesale.phpPB Financial Group Corp 357614Pouyan Broukhim 348736

Feb 25th 2015
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Keith Luedeman (keith@goodmortgage.com)
#74 ranked lender in North Carolina - 4 contributions

We have several options for you. www.goodmortgage.com

Mar 18th 2015
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Christina Hayes (CreditRepairExpert)
#8 ranked lender in Tennessee - 68 contributions

Hello. What are your scores exactly? Where did you pull them? CreditKarma & Credit Sesame don't give exact scores. That is where you need to start. If you are looking for a reputable company who doesn't charge up front fees to increase your credit scores, give me a call.

Nov 4th 2015
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Christina Hayes (CreditRepairExpert)
#8 ranked lender in Tennessee - 68 contributions

What exactly is your credit score? Also keep in mind that the scores lenders see will vary differently from those free scores offered via CreditKarma & Credit Sesame. Be sure you actually have a loan officer/lender pull your credit this way you know exactly what your three credit scores are!

Mar 15th 2016
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