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Looking for a loan with a low down payment, I have fair credit mixed with my spouse's low credit score /

by gambinorr912 from Columbus, Kansas. 25 days ago Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

More info needed, but in general... if you have low scores. and limited down payment, then FHA will be your best bet.. You only need 3.5% down.. and it can be gifted to you by a family relative or friend.. as far as credit scores goes.. Lenders will run a tri-merge credit report on all borrowers.. loan pricing is based on the LOWEST MId score of all borrowers.. so if you have a 750 mid credit score and your wife has a 620 mid credit score, the loan will be priced as a 620.. There also might be some grant programs available locally that only a local mortgage pro will be aware of.. For this reason, I suggest you 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

25 days ago
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 516 contributions

More information is needed! Take a look at Leader1.com, because a couple different loan programs are available with little to no down payment needed. LeaderOne offers more loan programs than most traditional banks or credit unions. You can directly apply at www.saradeere.leader1.com, send an email to saradeere@leader1.com, or call 816-739-6279.

25 days ago
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 32 contributions

USDA will be zero down payment but we would have to review your income and credit to see if you qualify. You can give me a call at 785-273-5004 if you would like.

25 days ago
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Nikitas Kouimanis (MrMortgage)
#1 ranked lender in New York - 110 contributions

Can you provide your credit scores and how much you roughly have in down payment money available?

24 days ago
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