Posted on: 27th Nov, 2009 05:04 pm
How much down payment do I need so that a lender does not have to do a credit check? Is there a specific number 20%-30% etc.? Where would i find a lender that does not do a credit check but uses the down payment and equity to secure the loan? I am looking to relocate and i found a bank owned home that i can buy for $368,000 I plan to give a $130,000 down payment so i am looking for a lender to secure the difference $238,000. However i still own a home that i an trying to sell but times are tough. I provably will end up not being able to sell for what i owe and this creates the issue.
>>How much down payment do I need so that a lender does not have to do a credit check?
That type of mortgage isn't available - all Lenders will check your credit.
That type of mortgage isn't available - all Lenders will check your credit.
All lenders will run your credit report however there are just a few that will not use your credit SCORE as a basis for approving your loan.
