Forgotten Your Password?

Need to Register?

Question Icon

How Much House Can I Afford?

I am 23 years old and want to purchase my first home. I have $32k in savings and income of $45/annually. I have credit score of 598 and all my debt is paid off. I would like to purchase this property for a vacation rental. by TRamsey674457 from Kent, Connecticut. Apr 6th 2018 Reply

Hi and good evening.My name is Eric Billings. I work with Warshaw Capital.I would be more than happy to help you out.I can be contacted at 860-874-1170 or at look forward to hearing from you.Have a great night!

Apr 6th 2018

Hi,I am with Loan Depot and I can help. With that credit score it won't be able to be considered a vacation home it would have to be a primary residence . Call or email to or 8607074903

Apr 7th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The short answer is that with a 598 credit score it's obvious you have some major derogatory credit issues that need to be analyzed to determine eligibility.. and with a 598 score, the only "conforming" loan product you can qualify for would be an FHA loan.. these loans are solely intended for primary, owner occupied properties.. not vacation homes or rentals.. There might be some non-conforming (portfolio or "hard money") type loans that will allow you to purchase, but you would be faced with a large down payment and higher interest rate and fees.. But in all reality, without looking at your complete loan profile, it's impossible to advise you.. For this reason, I suggest you contact a mortgage banker/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 California and Arizona 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

Apr 10th 2018
Subscribe to our news feed.