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My wife and I make $190k my middle credit score is 658. Can I get a $500k loan with $75k down?

by Guy.daves254 from , California. 18 days ago Reply


Nelson Otero (FirstAllied)
#831 ranked lender in California - 6 contributions

Hello Guy,It looks promising. Give me a call at 714-373-5700 or email NOtero@FirstAlliedFinancialServices.comBest Regards,Nelson714-373-5700DRE: 01167744 / NMLS: 265076Co. DRE: 01235983 / Co. NMLS: 325603

18 days ago
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Elva Wormley (ElvaWormley)
#816 ranked lender in California - 28 contributions

Hi Guy, yes, it is possible as long as you meet all the other requirements. Please give me a call at 408-615-8500 or email me at elva@elvawormley.com. I look forward to hearing from you.

18 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

More info needed... understand that it takes more than a credit score to obtain financing... we need to look at your debt load, monthly obligations and analyze your credit to determine why your scores are low.. that all being said, a 658 mid score is within the acceptable range for some mortgage loan products.. i'd be glad to help.. 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 / LendUS, NMLS 1938/ AZMB0121893

17 days ago
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Dave Skow (daveskow)
#16 ranked lender in Washington - 167 contributions

Guy - need to know : 1) what other monthly debt do you have 2) what is wifes middle score ? 3) Length you have you been at jobs 4) is the income you outline base guaranteed salary

17 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

Realistically, there is no way via this limited information to give you a good answer. But here are some clues. First is score. That is a weak score, gut generally OK enough to get a conventional loan, although you will pay a little bit higher interest rate. Most people can afford a home about 4 times their yearly income, so that looks OK too. Conforming loans are the ones under $453,100 in most parts of the country, so $75,000 (15% of $500,000) puts you into the conforming loan market, and 15% is more than enough for most programs. I suggest contacting a mortgage broker in your own area, given them a full application, and let them get you Pre-Approved. For homes in Minnesota, Wisconsin, or South Dakota, contact me at iMortgageJoe.com. NMLS 274132 (651) 552-3681

16 days ago
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 716 contributions

Hi Guy, all responses are spot on. The only thing I would add is to call me or email me we are in ALL 50 states and we have programs that could detect a possible score increase, even 2 points to 660 is a tier have than 640-659 and i'm thinking out loud and if we can get you to a 680 tier the rate gets even better. Call me to go over the whole deal. Ralph Guertin CrossCountry Mortgage at 954-274-7725 or Ralph.Guertin@myccmortgage.com

15 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

Much more info needed to answer your question.. Why is your score so low? BK? Foreclosure? Short sale? Judgments? Tax Liens? you could have a 750 credit score, yet with one of these major derogatory events, you might not get approved.. Also, to determine your ratios, we need to look at your complete loan profile.. including your deb to income ratio's.. the short answer is "maybe".. but if you want to know for sure.. then pick up the phone and call a qualified loan consultant *(like me!) and give them 5 minutes.. That way,, there's no more guessing.. you will know right away.. 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 / LendUS, NMLS 1938/ AZMB0121893

9 days ago
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