Today, what is the minimum credit score to get a mortgage loan for ahouse of $730,000 in California with 20%?

Deal Score0

Withou about 20% down payment? Would this be very hard to do? What is also an ideal income range to make this kind of deal. I know that it has become much harder to get a mortgage these days so I was wondering under what conditions one could buy a $ 730,000 home with 20% downpay or is this nearly impossible today in CALIFORNIA?

15 Comments
  1. Reply
    bizmom
    January 20, 2011 at 10:48 am

    it better be possible. But the problem is what kind of a mortgage are you going to get. Try bank of America to see about getting this ACORN program, they give you discount on the rate but there are some wage earning limits. Also try mortgage brokers such as diversified they work with a lot of lenders and if you get a good loan officer everything is possible even in this crazy market.

  2. Reply
    Pengy
    January 20, 2011 at 11:07 am

    There is more involved than just your credit score, you have to take in account your income, the debts you are carrying, down payment, closing costs etc. Your income to debt ratio is extremely important. If you are overloaded with bills, loans and credit cards even if you have a good income it will not fly, especially in todays economy.

  3. Reply
    anirvan s
    January 20, 2011 at 11:50 am

    In case you are looking for refinance please do mail us at amsazsales@ezeeinfoserv.com so that we can send you we can mail you down the best options.

  4. Reply
    lendingwhiz2008
    January 20, 2011 at 12:03 pm

    No, buying a home is still just as easy today as it was last year for people that REALLY qualify.

    With a 20% down payment it sure makes it easier.

    But it’s more than just your score……

    Your income has to support the new payment and your current debt load. This is called Debt-To-Income ratio. Lenders have their own guidelines, so you may not qualify with one lender, but might with another, but everything is risk based, which means the higher the risk, the higher the rate.

    We would have to look at ALL the pieces of your puzzle to see if we could make the picture(transaction) fit together.

    The easiest thing to do is to get pre-qualified, it doesn’t cost you a thing, and then you won’t have to worry about “What ifs”.

    You would know…

    I would definately work with a broker if you think you have “Issues”, they typically have non-traditional lenders in their portfolio that entertain non A-paper deals, where as a bank can only lend THEIR products, so if you were turned down at your local bank, you may get approved with another lender.

    Good Luck

  5. Reply
    Paula M
    January 20, 2011 at 12:41 pm

    go to bankrate.com….they have lots of fun little financial calculators….mortgage rate info…..also, you are looking for a Jumbo Loan….that’ll cost ya’ in points.

  6. Reply
    THOMAS A
    January 20, 2011 at 1:13 pm

    Easy question,no.Not solvable question,no.Check out this information,your answer might be here.http://homeloan.online-assistant.info/ca-equity-home-loan-rate.html

  7. Reply
    Sauce K
    January 20, 2011 at 1:34 pm

    Howdy,
    i saw your question on y answer about a loan and i like to let you know that 84% of the people here are scammers, if you are in need of a loan then try some other sites or you can contact Mr Smith, he is a man my cousin met on a singapore web page, his contact address is jamesmith_lenders12@yahoo.com try him and see ifr he will be able to assist you.

  8. Reply
    General Custer
    January 20, 2011 at 2:15 pm

    Chase, Countrywide

  9. Reply
    Mike M.
    January 20, 2011 at 2:47 pm

    It’s not the loan/mortgage companies that are not reputable. It’s the loan officer or broker that talks you into a bad loan/mortgage contract. You need to compare application fees, points, interest rate, and other fees, a fixed rate is best, and don’t get into an Interest only loan, or a balloon payment. With mortgages, the company you take it out with often sells some of their mortgage loans ( the percentage of loans sold is disclosed to you ) but this is not a disadvantage for you, the terms of the loan stay the same if it is sold. If you need more information go to the HUD website, they offer free information on what you need to know to buy a home.

  10. Reply
    scottmortgageexpert
    January 20, 2011 at 2:58 pm

    You can have the biggest best known lender (Countrywide, Bank of America, Indymac…) but if you deal with a dishonest broker than you will end up paying dearly. Demand a GOOD Faith Estimate and make sure that they ask you many questions. The problems that I have heard are when people are told one thing and at closing it is something different. This is NO fault of you the borrower but you have to realize that every borrower is unique.

    Do not forget that you should not just be looking at the rate. The rate may look great but it might cost you points to get that rate. Most borrowers on an owner occupied or 2nd home should always have an option to pay NO points at all. Investment properties are a bit different.

    Some questions to make sure they are asking you:
    Do you currently own or rent? If you rent, do you pay by check each month? Are you on the lease? Do you rent from a management community?
    If you are self employed, a great mortgage broker will ask about your 1099 income and your average monthly bank deposits (so many programs that do not require income verification are available, do not just settle if they tell you to go STATED income or NO INCOME verification)
    How much you have as “reserves” can be very important. So asset questions are a must.
    How long have you been in this job and line of work?

    ASK FOR REFERENCES!!!!!

  11. Reply
    michael m
    January 20, 2011 at 3:07 pm

    The biggist in Canada are MCAPS(Bank of Montreal),CIBC,First National,ING,Scotia Express,Firstline(division of CIBC).The fastest growing one is Resmor Trust.There are over 40 different sourses for mortgages in Canada besides private lenders.most of these other lenders are a division of one of the ones listed above and they serve different people depending on the credit rating of the individual which what decides which lender will accept the client and approve the mortgage.You should always see a mortgage broker for your mortgage as they have contracts with all lenders that make sure that you get the best rate possiable for you given your credit back ground.99% of the time there are no cost to you besides the lawyer and the land transfer tax.

  12. Reply
    kishaloy_bhowmick
    January 20, 2011 at 3:08 pm

    Hi ,
    I do fully agree to the fact that has been provided by the others ,that it does depend on the Loan officer and not much on the Mortgage Bank or company . You have to check yourself the better deals in the market .
    I am a Loan Officer and can provide you very good deals from my lenders but you must also judge the pros and cons that my service is providing you and then take the decision .
    If you wanna know the best options for your case write in details along with your credit score to kishaloy_bhowmick@yahoo.com .

    regards,
    kish

  13. Reply
    michelleferro
    January 20, 2011 at 3:16 pm

    Deal with the bank directly, skip the cost of a broker unless you absolutlely need one. (credit issues, etc). They serve a purpose, but add cost to the transaction. Also many brokers are only out to make a buck, not advise you on your best course of action. Deal with a bank that services their own loans, as well. It saves the headache of having your loan sold a billion times. I know that US Bank is holding onto their loans and building their portfolio. They also have experienced staff and nationwide mortgage sales.

  14. Reply
    mortgage help
    January 20, 2011 at 3:46 pm

    Online your best bet is E-LOAN, Quicken Loans, and Choice Finance. All 3 are lenders, unlike Lending Tree and thousands of other sites who only sell your info to subscribing mortgage companies.

  15. Reply
    ceestwo
    January 20, 2011 at 4:15 pm

    Good luck finding one, more than likely they’re right by the honest lawyers office!!!

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