My husband and I are planning on relocating from Boston to Maine. In Boston we had been pre-approved with 20% down. My question is, should we expect the same when we move to Maine? Are all areas the same when qualifing?
Husband makes about $70K which wont be changing when we relocate. I am now a Homemaker. Husband's credit score is around 560. With $40K debt, 90% of it school loans. And we have $20K in total to use for a purchase.
#23207 - 04/23/0512:41 PMRe: Down payment question
Anonymous
Unregistered
I don't believe that it differs from area to area. Here in Nevada, I have clients who wish to use their out of state lenders and there is no difference.
#23208 - 04/29/0501:05 PMRe: Down payment question
Greg Phillips
Mortgage Professional
Veteran Member
Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Yeah he is right. The only thing that I can think of is some cities and states have high cost clauses that could affect you and that some do not permit certain loans.
I have an add in Maine and have studied their laws. You should be fine.
But your credit score is borderline so if you switch lenders the options you had before may or may not be available.
If you run into problems finding a loan let me know.
I have 1 lender that will do 100% on a 560 and some other lenders who are not driven by credit score and may do the same as well. I could tell your lender who they are or you could deal with me. I am here to help anyway I can.
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