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getting loan poor credit?

my husband and I are looking at buying our first home. we both have poor credit. we are looking at a house in Keene NH for 80,000. so my question is even with poor credit can we still get a loan if we have so much money to put down? thank you look forward to hearing back. by jesse506143349 from Winthrop, Maine. Jun 18th 2015 Reply

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

Much more info would be needed.. saying you have "Poor Credit" is very ambiguous. Lenders use credit scoring to determine one's eligibility.. so without knowing what your scores are, its difficult to say what you can and cannot do. For FHA financing, you will need a 620 to 640 for most lenders, but there is a handful that will go down to 600 or possibly even 580.. But understand that the lower the score, the more strict the guidelines and the more difficult it will be to qualify.. If you want to know for sure if you can qualify, then the best advice I can give you is to 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

Jun 18th 2015
Brendan Fontaine (brendan.fontaine)
#2 ranked lender in Maine - 89 contributions

There is no easy answer to this question Jess because everyone's definition of poor credit is different and not each lender is different. I would be happy to review your credit and income to pre-approve you for a home. I am in Auburn, Maine and a licensed mortgage banker in ME and NH. Brendan Fontaine | Primary Residential Mortgage1 Great Falls Plaza, Suite 3c, Auburn, ME 04210Office: 207.618.9153 | Cell: 207.619.4179 | eFax: 207.370.6864Web: Email: ME LIC # 102571 | NH LIC # NH102571 | NM Bar # 24042

Jun 18th 2015
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