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Looking for a lender that will do a 5% down purchase with a 570 credit score.

by peter egan from pt pleasant, New Jersey. Mar 22nd 2018 Reply


732-501-9564

Mar 22nd 2018
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Peter Rinnyk (prinnyk)
#63 ranked lender in New Jersey - 18 contributions

we can take a look at your credit and maybe improve the score by 10 pts and get you into an FHA 3.5% down program Give us a call

Mar 22nd 2018
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

The short answer is no one.. FHA requires a 580 credit score with 3.5% down.. otherwise, you need 10% down.. Conventional will go 5% down, but you need much higher credit scores to qualify.. Also, lenders go by the lowest MID score of all borrowers.. if 570 is your highest score, then you're probably further away from getting financing then you think. In all reality, no one here can tell you yes or no based on just one credit score.. we need to see why your score is so low.. see if there are any major derogatory events that require a mandatory waiting period, to see if there are any outstanding judgement, etc.. a competent loan officer will be able to analyze your scenario and explain to you if and when you can get approved.. For this reason, you should pick up the phone and contact a mortgage banker/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 a Banker/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 banker/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 big box banks. 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 23rd 2018
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