Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Member Introductions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago, 11/11/2018

User Stats

2
Posts
0
Votes
Dan P.
0
Votes |
2
Posts

Newbie, encountered first financing problem

Dan P.
Posted

Been on the forum for a couple months, literally listened to every podcast from the last year or so and my way to and from work. I have been looking at properties and have a pretty good Buyers agent, seems to be very competent and used to looking for investor properties. 

Found a property, made offer and my first obstacle I encountered was when I checked online my credit score was 752, I thought good to go. Called several places for loan based on this info, selected one and they said 20% down at 5.8% Term 30yrs and received pre-approval letter. When I called back with final negotiated numbers and had it under contract, they said my score came back 725 (middle of the 3 scores) and they now want to add $2000 in closing fees to get me at 5.75 OR they may be able to do the loan with 30% down but they would have to look into it. Is that normal? Should I move on to another bank? Another thing to note, was this is a small loan 84k purchase and they said there was no money to be made because my credit score was lower than I said.

Loading replies...