Who will approve us for a mortgage loan? Our middle scores are 596 and 587.?

Deal Score0

The house we want to purchase is 78000. We have already put a $ 3,000.00 down payment…. Seller is giving $ 4,600.00 towards closing. Settlement was supposed to be May 15,2009. But, my credit score dropped from 637 to 587 after I applied for another type of loan…..

  1. Reply
    May 2, 2011 at 4:37 am

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.


    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  2. Reply
    May 2, 2011 at 4:49 am

    Not unless you are doing a FHA loan. The lender will want to know..why the sudden drop? Applying for another type of loan would not drop your score that low so fast.

  3. Reply
    Patty D
    May 2, 2011 at 5:35 am

    No one – your score must be above 620 to qualify.

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