Q&A: Am I likely to receive a loan on a house if I have no credit established, but pay a large portion up front?
Question by Oliver: Am I likely to recieve a loan on a house if I have no credit established, but pay a large portion up front?
For example: if the house were around 90k, and I placed 40k down, would I be likely to receive the loan for the remaining 50? (30 year fixed)
Best answer:
Answer by Ocean Queen
With a big down payment like that you can get approved, but if your credit is in bad shape you can be looking at higher interest rates and higher monthly payments. Make sure to ask all these questions prior. The market is slow so it can go either way. Good luck.
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Categories: Credit Score Questions Tags: Credit, established, front, House, Large, likely, Loan, portion, recieve