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My mid credit score 617 any lender do conventional mortgage

by greeneyes415396 from , California. Feb 23rd 2018 Reply

Feb 23rd 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed to specifically address whether or not you can get financed,,, With a 617 score, it's obvious you have some credit issues.. certain derogatory events require mandatory minimum waiting periods.. Also, Income, type of income, job and work history, property type, occupancy type, etc, etc, etc.. Lots of info needed to advise you specifically.. but in general, ALL conventional financing requires a minimum of 620 credit score. This is not a "lender specific" guideline. This is a conventional guideline. 2nd, the mortgage insurance companies also require a minimum 620 credit score.. so if you are not putting 20% or more down, you need MI.. and with a low score the premium will be high.. FHA would be the better way to go assuming you meet all other eligibility requirements. With FHA, the MI is the same across the board for all borrower regardless of your credit scores.. FHA does have maximum loan amounts.. certain parts of CA are in "High Cost" area's which allow you to finance more then most other areas. Really, the best advice I can give you would be to contact a mortgage banker/broker (like myself) 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 26th 2018
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