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What is the min

by Ryan Thutson from Orange, California. Jan 29th 2015 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

Credit score? 550

Jan 30th 2015
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,252 contributions

loan size??

Jan 30th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Minimum down payment would be as follows.. VA ( must have benefits available to you) 0% down, USDA is 0% down, but home must be in a USDA defined qualified area, Conventional First Time home buyer is 3% down, FHA is 3.5% down, and Conventional is 5% down.. The minimum credit score requriements vary depending on the lending program you go with, but typically, higher credit score borrowers should use Conventional financing, and lower score borrowers should look at FHA.. Their minimum credit score requirement is 500, but scores below 580 will require a 10% down payment.. Understand that FHA does not lend money.. they only insure loans against default.. each lender can add their own set of rules above what FHA calls for.. it's these "Overlays" that have minimum credit score requirements.. Also understand that the lower the score, the more strict the guidelines are, and few that apply actually get approved.. so although there are lenders out there that advertise they will lend to borrowers with 500 credit scores, your FAR BETTER OFF working on improving your scores than be let down trying to apply with one of these low score lenders.. So, the best advice I can give you is to contact a LOCAL mortgage 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 your LOCAL 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 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 larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 30th 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Minimum credit score 500.

Jan 30th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Could be a lot of things. No min credit score. That option would need 3.5% down. No down payment if you qualify for a couple different programs.

Jan 30th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Min/m?n/noun 1.any of the dialects or forms of Chinese spoken in Fukien province Also called Fukien

Feb 1st 2015
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