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I have a 687 credit score. What are the approval chances to buy a new home with only 20% down, first time buyer, purchase price $4489,000?

Hi, I have a 687 credit score and would like to buy a new home. I have previous late pays on my mortgage, but nothing over the past 18 months. The home I want to purchase is $489,000, But I will be putting down 20% for the purchase. I previous owned a business that went under a few years back that caused me to get behind. What are my chances of getting approved? This should get the amount to finance below the FHA 424,100 max. For FHA I read somewhere no late pays for 12 months is that correct? by Brandy11475 from Compton, California. Mar 2nd 2018 Reply


Kat Whitman (kat@whitmanmet.com)
#965 ranked lender in California - 8 contributions

Hey BrandyIf you have not had lates in the last 12 months, you should be able to obtain a loan. Depending on your credit profile, you may have some items to address. There are several options. It is easier to figure out the best strategy, once we know all the details. Feel free to call me, I have very competitive rates and it is pretty painless to get pre-qualified! 916-622-6650Kat Whitman

Mar 3rd 2018
Call: (888) 848-1433       Send a Message    Website
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There are several programs you can use and you can have an extenuating circumstances and have it be 12 months on cuventional financing! Are you self employed ??? 20% down is fantastic Call me to discuss 707-480-8655

Mar 2nd 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,286 contributions

More info needed, specifically, how many 30, 60, 90 day late payments did you have.. The short answer is that if you had just a few 30 day late payments, then it shouldn't be a problem.. if you fell behind 60 days.. then you will need to write a letter of explanation.. if you were 90+ days late.. then it could be a problem.. but in all reality, it's impossible to advise you without looking at the complete loan and borrower profile. Here at RPM, we do FHA loans.. but sometimes, we can make exceptions for certain files and do financing where we hold the paper (Service, retained).. this way, with 20% down, you wont have to pay monthly mortgage insurance.. If you have time, reach out to me, i'd be happy to look at your scenario and put together some options for you.. 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 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 2nd 2018
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Chances are good! Call me 517-489-2440.

Mar 2nd 2018
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