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im a 1st time home buyer i need help like i have no down payment and i have 619 credit score

by jaelin2121273 from , California. Mar 2nd 2016 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more info needed. How do you know your score? Do you know all 3? Lenders use the middle score of all 3 to determine eligibility.. not the highest.. Also, with a low score of 619, it means that you have some credit issues.. There are certain derogatory credit items that must be corrected before you can apply. Unpaid student loans? Unpaid/satisfied judgments? Unpaid back taxes? Bankruptcy? You could have a 750 credit score, yet with one of these deficiencies, you still might be denied.. 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

Mar 2nd 2016
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R. Jocelyn Anderson (labrokergirl)
#1268 ranked lender in California - 38 contributions

Hi Jaelin,I specialize in assisting first time homebuyers on the path of homeownership. Please call me for a FREE consultation and I will send you a Homebuyer's Packet. (424) 256-6510 - Jocelyn

Mar 2nd 2016
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Jennifer Laurent (brokerjenn)
#1240 ranked lender in California - 1 contribution

As a first time buyer with no down payment, you may be eligible for various down payment assistance programs. Many of these programs work with FHA loans. You will however, need do a little work on your credit. These programs often require a minimum credit of 640, 619 is not that far off. I would recommend reviewing the report to see how the scores can be increased. Is all of the info on the report accurate & current? Are there any items where you can negotiate with the creditor? If you have credit cards with balances at the max? The lack of down payment can be overcome with the right program, but working to increase the credit scores should be the primary focus, in my opinion.

Mar 2nd 2016
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Vadim Bogdanov (UtmostPro)
#1278 ranked lender in California - 9 contributions

The minimum FICO score is 580 with FHA and the down payment need it 3.5 %, can be GIFT. Please let me know if you have more questions. Thank You .Vadim

Mar 2nd 2016
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Justin Murray (JustinMurray)
#101 ranked lender in Illinois - 172 contributions

We have access to lenders that go down to 550 - but you need to qualify for a first time buyer grant or get some gift funds if you plan on purchasing a home. If you would like to schedule a time to speak feel free to contact my office via email or phone to schedule an appointment. Thank you,Justin Murray / JMurray@WintrustMortgage.com

Mar 2nd 2016
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

Generally speaking, there are some down payment assistance programs with FHA that will allow a 620 score. I would recommend that you do some research and find a great loan officer to help you increase your score and search for some of the bond programs that are out there.

Mar 2nd 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

If 619 is an accurate score, and you have no money for a downpayment, you may need to work on improving your score and saving up at least some funds. Many of the better programs have minimum score requirements of 620 or higher. Also, even if you qualify for 100% financing (possibly with a downpayment assistance program) you'll likely have $1200-$2000 out of pocket before you get to closing and receive that help.

Mar 2nd 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

i would start to same money.

Mar 3rd 2016
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