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Who can do a low down payment loan with fair credit mixed with spouse with bad credit?

by citiguyz216 from Manhattan, New York. Oct 2nd 2017 Reply


Ted Ark (tark@goldmortgage.com)
#1 ranked lender in New Jersey - 34 contributions

It depends based on:- the lowest mid score of any borrower on the loan- purchase price- property type (1 - 4 unit, coop)?- reasons for derogatory credit (bankruptcy, foreclosure, federal tax lien)- what some considers as low down paymentAssuming a single family purchase, no foreclosure or bankruptcy within the past 4 years, borrowers with a low mid credit score of 580+ can qualify for a FHA loan of 3.5% up to loan limits in the county/state. For mid scores 550-579 might qualify for 10% down payment. Would need to see credit for scores 500-549 to determine qualifying program.

Oct 2nd 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

Not anywhere near enough information for anyone to answer you properly. I suggest you contact a local mortgage broker in your area. Give them a full joint application, and let them zero in on any available options.

Oct 3rd 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

Much more info needed to answer your question.. First, everyone's idea of what good, fair, and poor credit is different.. this is why the industry uses credit scores.. Without looking at your credit scores, and your overall credit profile, it's impossible for anyone here to say for sure if they can help you.. This all being said, The best advice I can give you is to 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

Oct 3rd 2017
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