Profile picture for PPrea

seeking a $800K loan

Hi


seeking a $800K loan on a $1M priced home in CA w/ $200K down deposit. Credit score has been a little bumpy but in the 670 range on average across the 3 bureaus

What's my chances of securing a loan? Better to wait 6 months to push to 700 score? Appreciate your response


Thanks
  • February 05 2011 - San Francisco
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Answers (4)

Profile picture for ChrisLuna
WOW! Lots of great answers... There has been some valid points of reference as far as the possibility if rates and prices rising etc... the other question maybe your motivation...
- What I mean by that is how much do you like the home?
- Do you have to move into something soon?
- What happens if your credit score changes or what if the lending guidelines change?... 
I think that if you are in a position to buy today, I would do it... Being in this business I've seen too many things that can change the dynamics of borrowers ability to secure a loan.  Hope this helps!...

  • February 10 2011
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I can help you with a score as low as 660 with 20% down on a $1M purchase. Although, your FICO Decision Score is the Lowest Mid-Score of All Borrowers. I also provide a service were we can usually improve our borrowers credit scores within 72 hours. Click on my logo for my contact information.

Happy funding, Rudi
  • February 06 2011
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Hello Prea,

It's hard for anyone to say without knowing your financials (current level of income, other assets, etc.), but the answer would seem to be yes. The only problem with waiting six months is that rates may move dramatically in that time period. The fed is not expected to raise rates, but rates are determined by investor demand not the fed. If we continue to see economic improvement, investor demand for fixed income might be reduced and mortgage rates will incease. The difference in mortgage rates in this type of situation could potentially be greater than the different interest rates you would be paying from having your current credit score to a 700 score.

Your best bet is to contact a good mortgage broker who can discuss your options. If you need a contact of a good broker with Wells Fargo, I can pass along the info. of someone I know who works all over the Bay Area. Feel free to check out my website at http://www.peterbrunton.sfpru.com for more information.

Regards,
Peter Brunton, MBA
Prudential CA Realty-Franciscan Properties
677 Portola Drive
San Francisco CA 94127
[Contact info removed by moderator]
  • February 06 2011
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Looking at Wells Fargo's Jumbo Rate at 5.5%, not bad at the moment, but then they will calculate lower FICOs for risk and more... It is always better to have the best tools going in so you don't have to refi and correct mistakes later, plus it puts you more in control of the transaction.

The buying season will be strongest soon, but you have to weigh your options if it is worth jumping in now or waiting...

All comes down to with what you are comfortable with. From an investment point of view, waiting may be advisable, but then you run the risk of rates or home values increasing ...

http://www.dqnews.com has great resources of data if you like ledgit numbers to crunch.

Good luck to you!

  • February 05 2011
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