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I am trying to get a loan, income is 160k combined, credit scores are in low 600's, and looking for a first home. hat amount can I borrow given my situation?

by t.bullard189 from Montchanin, Delaware. Sep 20th 2016 Reply


You can't accurately answer that question without having a lot more information, including a credit report. If you would like a precise answer with multiple options, please contact me directly. Ed Fallon, Univest Bank and Trust, fallone@univest.net .

Sep 20th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

We need more info to advise you.. First.. we look at your ratio of debt vs. income.. if you make $13,000 per month, but spend $10,000 on debt payments, then you wont be able to purchase.. Depending on the loan program you are going with will determine your maximum debt to income ratio.. 45% for conventional, but FHA can go as high as 56% if your mid scores are over 620. Speaking of credit scores.. loan pricing and programs are based on the mid score of ALL borrowers.. we need to look at a tri-merge credit report which is a combined report of all 3 major credit bureaus.. and loan pricing is based on the finding of that report.. Also, with a low 600 credit score, it's possible there is going to be some major derogatory credit on your file.. as I said earlier, with out knowing all the details, it's virtually impossible to advise you.. 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

Sep 20th 2016
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