I have a score of 631 are there any lender out there that can work with my score? I am trying to buy a house for $317,000 and I can only manage to pay a no more than $2,000 mortage? Help, please!!!
2007-03-21 05:05:35 · 10 answers · asked by cavitia 2 in Business & Finance ➔ Renting & Real Estate
Your credit score is high enough for a conforming loan. Its just a matter of income, debt ratio and dowm paymnet for you. A good read below, even though its for people with bad credit, has good free mortgage info you can read to get a idea about credit scores, mortgage brokers and banks.
2007-03-21 12:06:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sorry to rain on your parade but in the wake of the 'sub-prime' lending scandal your chances of getting any kind of loan that anyone would want with a $2000 downpayment are zero. Credit sources are tightening like crazy and even laying off employees. Indeed, the irresponsible and lax lending practices of the last several years have the potential of putting a serious hurt on the entire housing industry. Persons who should not have gotten loans in the first place are just walking away from their homes as rates on their adjustable mortgages go UP! Cash is king in this environment as many foreclosed properties are coming onto the market, causing a general lowering of asking prices. A 15-20% down payment will once again be the standard -- as it was in more sane times. Save your cash for a larger down payment somewhere down the road. The good news is that you will probably get a better ENTRY POINT into the market!
2007-03-21 05:34:42 · answer #2 · answered by nenahk 2 · 0⤊ 0⤋
Yes there are plenty that will work with that score.
I agree with other guy that you will probably need 10% down though. But 631 is good that many banks will give you a chance.
A 275000 mortgage will end up being right around 1600 a month.. but then you have to factor in taxes, insurance and other things as well.
2007-03-21 05:14:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'm not sure my exact credit score, but it is in the 620-650 range, and I've been pre-approved for a mortgage. Depending on your salary I'm sure you will have no problems. Also according my lender, I am NOT considered sub-prime.... so you ought to be ok. I'm also getting 100% financed.
2007-03-21 06:49:53 · answer #4 · answered by erika 1 · 0⤊ 0⤋
Almost sure that you must find all financial clarification at= financial-care.info-
RE I am trying to buy a house .......?
I have a score of 631 are there any lender out there that can work with my score? I am trying to buy a house for $317,000 and I can only manage to pay a no more than $2,000 mortage? Help, please!!!
2014-09-03 10:30:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well you could get a loan with that score, but only 2k a month payment. I doubt that. Not on a 317k loan. Are you putting about 75k down? Then it could happen
2007-03-21 11:56:38 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
Cavitia,
I am a loan officer for a mortgage company, and I can get you a loan. Shoot me a email to msmith@premierloangroup.com, and I'll work it out.
or call me 513-313-4677
Marty
2007-03-21 08:59:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you'll need at least a 10% down payment to make that work but would still need to save for property tax and insurance and upkeep
2007-03-21 05:12:18 · answer #8 · answered by Jeff 3 · 0⤊ 0⤋
contact a mortgage broker and speak with him/her about the options ,They'll normally work with different lenders and can see who is the best for you.Good Luck..
2007-03-21 05:10:50 · answer #9 · answered by MJ 2 · 0⤊ 0⤋
i maybe able to help you depending on what state you live.shot me an email i'm a loan officer in PA.
2007-03-21 05:28:20 · answer #10 · answered by cmruffin1 2 · 0⤊ 0⤋