Posted on: 20th Mar, 2009 09:30 pm
does a higher down payment affect the approval or non approval of someone with a poor credit score
deby...ABSOLUTELY ! Your credit score is a major factor as to what your down payment requirement will be OR what your interest rate will be as you put less money down. Bottom line is that you should do whatever you can to improve your credit scores.
Hey mortgage man, how about answering someone's questions on occasion or are you unable to do that?
Hey mortgage man, how about answering someone's questions on occasion or are you unable to do that?
Having a downpayment can be a good compensating factor that will help offset lower credit scores. This is normally only true with FHA loans these days since conforming loans have an automated underwriting process that will declined a person for being under a certain credit score regardless of other compensating factors.
What are you scores out of curiosity?
What are you scores out of curiosity?
