Quote from @Johnny Scott:
The lenders that I have come across have all asked that my fico be at a 680 or above to start doing business with them. I was trying find out if anyone knew a Lindethat was willing to work with a 640 score 644
Everyone else asked all the right questions. In short Johnny, without knowing more information it's hard to say if that's realistic or not. 680 is not a minimum score for Conventional QM even, however it may require a greater down payment than the minimum. You can still do a conventional mortgage with 20% down with as low as 620 credit and still be okay - just don't expect good rates!
Alternatively, you also would have options with DSCR lenders down to 640 (assumes mid score is >640). But you'll again be capped on max leverage and rates will be ugly, especially in our given market with how mortgage bonds have shifted here in February (thanks PCE, CPI and Employment reports!)
Lastly, I tell everyone, if long-term buy and hold is the name of the game, you will save yourself an incredible amount of money, interest, and imcreases your COC return by working on credit. Credit is a racket to some people, but it's a very necessary evil for credits to have somewhat of a baseline model to credit worthiness. Albeit different industries use different scoring models (hence why your Kredit Karma or Credit Sesame tells you something totally different than your mortgage LO), they're needed to grow our business most effectively when needing institutional capital.
All that said, if you'd like an introduction to an amazing credit repair husband and wife team, let me know. Free consults with them to strategize, very fair costs, etc. Just PM for that. 👍
