WHAT IS THE BEST TYPE OF MORTGAGE LOAN WHEN YOU HAVE A LARGE DOWN PAYMENT BUT NOT THE CREDIT SCORE

Not enough info to properly answer your question.. Large down payments are considered a compensating factor when determining one's eligibility for a mortgage, but it's not the primary thing the lenders look at.. Credit history and Debt to Income are the number one, number 2 reasons why people get turned down for a loan.. you cannot buy yourself into a mortgage with a large down payment and have the lender ignore your poor credit.. For most FHA lenders, they will lend to borrowers with 620 or above.. for conventional financing, the ideal score is 660 or higher.. FHA requires 3.5% down, but there is no break in the interest rate for larger down payments.. Conventional offers the largest discounts when you're below 60% Loan to Value.. But there are some pretty big hits for having a low score.. If you want to know for sure what you qualify for, then the best advise I can give you would be to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

A conventional loan. What does "but not the credit score" mean? I assume it means it is not too high. As long as it is over 620, you should be able top get a conventional loan. However, the higher the score, the better the interest rate and the less the cost. Without knowing this info, it's impossible to tell you what to expect. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss your situation with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.