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with 640 credit is my only mortgage optoin hard money?

Practically turned away from my bank on account of my credit, but it's a credit union so idk if maybe that makes a difference? other than a 640 score i thought i was a good applicant - just paid off my car, very low balances on my credit card and no blemishes on rental history. annual salary of 65k, enough for a mortgage payment..am i missing something? i was flat out told to consider hard money. by henri.picard78462328 from New Britain, Connecticut. Dec 11th 2014 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

Sounds great to me ! Give us a call we can qualify you with a 640 credit score as long as your debt to income ratio is good and meet rest of requirements. Give us a call for a free quote! 800-991-5309 ask for Michelle. No hard money loan needed!

Dec 11th 2014
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Justin Egan (justin.egan@rmsmortgage.com)
#40 ranked lender in Connecticut - 11 contributions

Hi, please reach out to me @ 203-904-4242. I should be able to assist you.

Dec 11th 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

With a 640 score you should be able to obtain financing without using a hard money lender.

Dec 11th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

640 should not be an issue for a conventional mortgage with low DTI. In some cases FHA will be better, you should look at both as options. Not need to go to a hard money lender at all!

Dec 11th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

- the only exception would be if you have issues with documenting your income (self employeed) or a 2 year history of employment. Sounds like your credit union is not very familiar with what other lenders offer.

Dec 11th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Ya.. you should ditch the CU.. most lending programs require a minimum of 620 or above, but 660 is ideal.. 640 is definitely within the acceptable range for most lenders.. (except your's i guess).. 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

Dec 11th 2014
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

It's just their "overlays." You can get a mortgage with a 640 score. Obviously, there is more than just the credit score involved, so interview a few lenders and discuss the scenario with them. Find one that you feel comfortable with. Do Not allow your credit to be run again until you have found the right lender, because 640 can be a common cutoff point for scores. It's not like you cannot get a loan with a lower score, but there is no reason for you to pay a higher rate. The inquiries hurt your score.

Dec 11th 2014
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