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Seeking Jumbo Mortgage Low Credit Score

My wife and I just put a house under contract for $1.075M, and we are looking for a $860,000 mortgage (80% LTV). Our credit scores are lower: mine (629,672,660) hers (678, 667,729) due to a short sale in January 2011 and the restructuring of another mortgage and home equity loan. The last 12 months of credit are perfect, we are back on our feet, and we would like to close on this house. Any suggestions for lenders who might overlook some of the past history and qualify us for a new jumbo mortgage? Annual income is approximately $400,000 so we should pass that test with flying colors.Thanks. by camero_978_359 from Orange Beach, Alabama. Mar 30th 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Sorry, but we are not licensed for Alabama. You are probably going to need 25% down and real good reserves. Good luck. . ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 31st 2013
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Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

I don't lend in Alabama but otherwise could do this with a 660 score (the lowest middle score) at 75% LTV. A local lender will probably respond here that can help you and hopefully get you the 80 LTV loan you desire. Good luck to you!

Mar 30th 2013
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Chuck Young (ChuckY)
#18 ranked lender in Alabama - 12 contributions

Are either one of you self employed and can you show full tax returns for your stated income?

Mar 30th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Try a local small bank.

Mar 30th 2013
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Try a community bank or credit union in alabama-

Mar 30th 2013
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We have w2, 1099 and K1 income that are well documented.

Mar 31st 2013
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Chuck Young (ChuckY)
#18 ranked lender in Alabama - 12 contributions

I am licensed as a banker/broker here in Birmingham.I can help you but I have to delve a little further into the self employment status. You indicated a 1099, K-1, and W2 which is fine. Do you have more than 25% ownership in the business (as shown on the K-1) ? Please call me and I can walk you through it in short order at 205-910-5698 or 205-620-3870. I have done a number of second and primary homes down there.

Mar 31st 2013
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