How much to put down on a loan with bad credit?

For a 270,000 morgage, if one has bad credit but enough money saved up, like about $85,000 and they are able to put that much down on a house would they get approved much easier than not putting that much down?How much to put down on a loan with bad credit?
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Within the constraints of your question, then YES, putting more than 20% down improves your chances of getting the loan, but depending on how bad your ';credit'; is, you might still not get the loan. They will look at your debt-to-income ratio as well. Good rule of thumb is that you can ';afford'; a house priced about 2.5 times your annual salary (gross). Even better rule-of-thumb is that you could handle a monthly payment (loan, tax and insurance) of 28% of your take-home pay.
If you have below a 680 (most banks are now 720) credit score, you will have to pay more to get a house. Lenders lower the LTV amount (Loan To Value) the lower your credit score is. Loan to Value is how much the bank will loan you in comparison to how much the home is appraised at. If you have less than a 620 credit score, you might not even get approved, but if you do, you will have to take a higher interest rate and a low LTV, probably around 60%. If you have 40% cash to make up the rest of the purchase price of the home, then you could probably get the loan for the 60%.
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Yours Truly,



T Matthews Sr.
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