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I would like to know what can you do for a person with a low credit score

by angelac119664 from , California. Feb 25th 2015 Reply


Dennis Hensling (dhensling@uamco.com)
#1019 ranked lender in California - 3 contributions

How low a score are we talking about?Dennis

Feb 25th 2015
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Hi Angela, what are you trying to accomplish. Can you please provide more details. Thx Saleem. sal@mortgagebayarea.com

Feb 25th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Depends on how low the score is and why. Often I can give guidance on steps that will quickly improve the score enough so you can move forward.

Feb 25th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

We would need to know your score to be able to answer your question... Most lending programs have minimum credit score requirements.. For conventional, 740 is ideal, but anything over 640 is acceptable. For FHA, 620 or above is ideal, but some lenders go down to 600, some to 580 and a handful go lower.. for VA, 740 is ideal, but you can still have a good loan if your score was 620 or above.. Understand that credit scores are just one out of about 100 things a lender considers when determining one's eligibility.. I've had borrowers with a 740 credit score but had a deficiency that the lender would not ignore.. For this reason, it's best 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

Feb 25th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

With proof of income, and cash reserves, we can go down to a 500 credit score, but it would require 25% to 35% cash down payment.

Feb 25th 2015
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Pouyan Broukhim (PBFinancial01)
#967 ranked lender in California - 23 contributions

we can fund these loans as long as the borrower is able to put down a healthy amount. Thank you, Pouyan Broukhim---PB Financial Group Corp323-935-5555 x 102 Office866-318-4471 Direct Faxinfo@pbfinancialgrp.comhttp://www.pbfinancialgrp.com/wholesale.phpPB Financial Group Corp 357614Pouyan Broukhim 348736

Feb 25th 2015
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