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High income but FICO score in mid 600s. Am I stuck with a hard money lender?Would like to borrow around 680K - 700k

by m.presley286 from Islip, New York. Jun 29th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed.. but in general.. If the lowest MID score is in the 650 range, then that is acceptable for most lenders..(assuming you meet all other eligibility requirements).. Suffolk county is considered a High loan limit area.. so for conventional and FHA, you can borrower up to $625,500.. You can purchase a home for higher than that amount, but you cannot finance more than that to stay within conforming loan limits.. If you have 20% or more down payment, then conventional will work best.. if you have less.. then you might want to consider FHA.. the mortgage insurance is the same regardless of your credit score, but with conventional, it vary's based on your credit score.. lower scores pay a higher premium.. much higher than FHA in most cases.. But without knowing all the details of your specific scenario, it's impossible for me to advise you properly.. 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

Jun 29th 2016
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Scott Fix (ScottFix)
#1330 ranked lender in California - 184 contributions

William hit the nail on the head, but I will still put in my two cents! A little credit info to start. When your credit is reviewed for a mortgage, they take the middle of the three scores and drop the others. Mid-level scores of 650 are acceptable for risk for the lender especially if your income is more than adequate and your debt to income ratios are within range. Seek out a local professional with a solid reputation for good customer/client service for advice and guidance during the loan process. Also, don't be shy about shopping the rate. Rates will vary from place to place, but go local. Best of luck, Scott.

Jun 29th 2016
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