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Alex Munoz's Advice

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  • 114 Contributions
  • 3 Best Answers
  • 12 Helpful

Alex Munoz wrote:

Is it possible to land a conventional mortgage with a 677 credit score and less than 20% down?

Answer
Look into doing a conventional 80% 1st with a 10% 2nd.  You'll avoid MI entirely and still acquire a decent interest rate.  At the same time, work on bringing your credit score up.  You're not too far off from a 680 or 700 and increasing it by a couple of points might be as easy as paying down the balance to a credit card.
December 10 2013
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Deferred down-payment on mortgage

Answer
There maybe another possibility.  Take a look at your City or County's down payment assistance programs.  Many are 'silent seconds' that are deferred until you sell or refinance. If you qualify, this may make sense for you.   
December 09 2013
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HOW LONG DO I HAVE TO WAIT TO GET A LOAN AFTER A SHORT SALE WITHOUT A HARDSHIP?

Answer
Mike - if you have 20% to put down, you can purchase a new home with a conventional loan within two years of the close date (as long as you meet all the remaining requirements).  Here's a quick break down of what's out there:1. Conventional - 7 Years - from date of sale closed for less than 10% down payment of purchase of primary residence. - 4 Years - from date of sale closed for 10% down payment on purchase of primary residence. - 2 years - from date of sale closed with 20% down payment on a purchase of primary residence. - 2 Years - from date of sale closed with 10% down payment with acceptable extenuating  circumstance on purchase of primary residence.2. FHA - 3 Years - from the close of sale and transfer of ownership.
December 06 2013
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Does anyone know much about the Rural Housing Loans? Any experience? Any info?

Answer
Hi Zouliekaball86 - typically lender's require a minumum of a 620 FICO Score. 
November 18 2013
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i own my house outright. can i get a fha loan to start purchasing a retirement home.

Answer
Yes, you should be able to cash out from your equity.   Depending on your situation, however, a conventional home loan maybe more beneficial.   
October 28 2013
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credit score about 650 would like to do a cashout refinance?

Answer
As Ryan said below, you should be able to acquire a cash out home loan.  However, focus as well on increasing your score to a 680 or greater.  That'll make a significant difference in interest rate and cost on an investment refinance.
July 29 2013
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Is tere any hope of being aproved for a loan if your credit score is considered "poor"?

Answer
I'm truly sorry to hear that.  Don't fret however, there is light at the end of the tunnel.  As wetdawgs mentioned below, work on bringing that score up above a 640.  It may take a few months but in the end, well worth it. 
June 10 2013
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Is tere any hope of being aproved for a loan if your credit score is considered "poor"?

Answer
How poor is it? Do you have an idea what your credit score is?
June 10 2013
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City Assistance

Answer
Unfortunately, no.  For help from any City or County, you'll need a much higher credit score; typically above a 680.  For the FHA loan, most lenders require a minumum FICO score of 640.  Speak to a loan officer licensed in your state and work on bringing that credit score up.   
June 10 2013
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Who can help me get an FHA loan in NJ

Answer
Click on the 'Find a Pro' tab up above and search for a mortgage lender near you. 
June 10 2013
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