Profile picture for luckyv567

Mortgage With 25k/yr and 645 Credit Score?

Can I get a $80,000 mortgage with this condition:

Credit score: 645 (with 6 months history only).
Income: 25k/yr.
No current loan or debt.
Property Price: $160,000.
Down payment: $80,000.
30yr or 15yr loan would be fine (please let me know which one will be better to get approved).

Please give me a lender if I'm qualified & estimate my closing quote as well.

Thank you!

  • November 05 2013 - Alief
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Best Answer

Since you already have a 50% down payment, this will make it more likely that you can get a loan. The large down payment will allow lenders to overlook certain factors such as your short credit history. There are still other factors that a lender will need to look at to see if you can qualify so I recommend you start speaking to a lender directly. Lenders like myself would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • November 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Shawn Owens
I do believe it is possible for you to be able to do this. You absolutely need to speak with a lender to figure this out exactly. I have a good lender and can send you a closing costs estimate if you would like. Private message me if I can help. Best of luck!
  • November 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.