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In need of a mortgage

I have $120k in equity. My DTI is only 12% and the only thing is my credit score is 590. Can I get a mortgage? by sandra576 from Easton, Pennsylvania. Jan 20th 2016 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 796 contributions

Yes FHA goes down to 580 and below at times, but you will be paying PMI. Call a broker in your area and work with them maybe you can get your score up to 620 and go conventional

Jan 20th 2016
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Hi, yes I have lenders that go down to 580 and one to 500. Also we do a few things to raise your score. I'm a local broker. Give me a call if you'd like to discuss. Thanks, Andrea 215-666-6300Main Street Mortgage CoAndrea@mainstreetmortgagecompany.com

Jan 20th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Much more info required to answer your question, but in general, 590 is within the acceptable range for some FHA lenders, and having a 12% DTI is also within the acceptable range.. but you still need acceptable income with supporting documentation proving you have received it for at least 2 years (tax returns, w2's, 1099's, etc), Also.. is this a SFH, a Manufactured home, condo, apartment building? Do you live in this property? What's the property worth? How much are you looking to borrow? Do you have any major derogatory events such as Judgments or tax liens? If so, you could have a 750 score and still be denied.. What about past BK, Foreclosure, or short sale? There are mandatory waiting periods for most loan products.. As you can see, much more info is necessary to determine your eligibility.. 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

Jan 20th 2016
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