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mortgage approval

My credit rating is far from perfect (in the mid 600's), but I have good, steady income and savings that is worth approximately 500,000I would like to flip a house.  Does anyone know if there is a way for me to get a mortgage under these circumstances?  I know I'll never get it using the standard methods. 
Thanks in advance.
  • October 28 2013 - Bear
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Answers (6)

Your score should work as long as it is above 620. This is because you will probably need a conventional loan because I'm guessing you already own your own home so you will not be able to qualify for loans like an FHA home. On the other hand, you will probably need around 20% down, possibly more, so be prepared for that as well. The best thing for you to do is to speak directly with a lender. This will allow you to discuss your situation with a lender like myself who would be glad to hear you and help guide you to the loan that best fits you. Well I hope this helps! If you have any further questions or would like a loan, feel free to contact me.

Good Luck!
  • October 29 2013
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I believe you will be able to.
Please contact me if you need help!
Thanks
National Mortgage Originator
Brandon Magni
  • October 29 2013
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Yes, you should be able to obtain a home with your score and income.  If this is a rental property you will need to put down about 25%.

We are a National Lender that has been open since 1905.  If you have additional questions, contact me through my profile and good luck!
  • October 29 2013
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follow your dream you sound like a great candidate, with 500K you should bbe able to make yourself a millionaire
  • October 29 2013
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Hi,

A FICO score in the mid-600s is not that bad.  With your stable income and savings, you should be in position to qualify for a loan.

As far as a flip goes, many flippers work with hard money lenders, where FICO scores are not even considered. 

If you're in California, contact me if you'd like to get preapproved.
  • October 28 2013
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Please visit [spam/promotional content removed by Zillow moderator due to violation of Good Neighbor Policy] I know he helped someone having almost same situation.
  • October 28 2013
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