Forgotten Your Password?

Need to Register?

Question Icon

Looking to buy my first home

I'm looking for a loan $200,000 - 250,000 to purchase my first house but I'm afraid my credit isn't good enough... I have a 650 credit score. I have about 15% toward a down payment and I currently make over $72,000 per year. Are there any lenders that can help me out? Is that credit good enough to work with? by rayjohnson376 from Talahassee, Florida. May 27th 2010 Reply


Gregorio Denny (GVDenny)
#256 ranked lender in California - 380 contributions

With the information you have provided, you would be able to get financing, assuming you met the remaining criteria. What you have provided is all within guideline, so you should definitely speak to a loan officer in your area to get pre-approved. If you click the "Find a Lender" tab above, you should be able to find someone to assist you. -- Gregorio Denny -- WeFixRates.Com

May 27th 2010
1
0
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

With the scenario you posted, you would qualify for an FHA loan. FHA requires a minimum of 640 credit score and you can qualify for a 30 year fixed under 5%. Have you already picked the home out that you are looking to purchase. I would love to speak with you on this and give you an excellent rate with great service. Hope this helps.

May 27th 2010
1
0
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

If you have only 15% to put down, you can't go Conventional with a 650 score.You can however go FHA with as little as 3.5% down. Their rates are comparable to Conventional with the only drawback being their 2.25% up front mortgage insurance premium which can be financed in the loan or paid out of pocket. FHA offers 30 & 15 year fixed rates. Let me know if I can help. 563-324-9937. Todd-Main Street Financial

May 27th 2010
0
0
Rick Carrier (rickcarrier)
#28 ranked lender in Texas - 28 contributions

Depending on your current debt, it looks like you should be fine. Minimum scores are now at 620 and the minimum down payment is at 3.5%. I can offer 4.625% today on an FHA Loan with an APR of 4.840%. Visit us online at www.ushomelender.com.Rick CarrierIwayLoan

May 28th 2010
0
0
Subscribe to our news feed.