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203 K loan

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OptimalCS
Frequent Contributor

203 K loan

Can I get an approval for a 203K loan with my  650 middle credit score?

"Wisdom is the principal thing..."
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: 203 K loan

Yes, the criteria for FHA 203K is the same as FHA loans. I am in the process of doing one right now. Good luck with it though because it has been such a rollercoaster ride that has not ended yet for me.

Message 2 of 4
Anonymous
Not applicable

Re: 203 K loan

Also, be aware that only certain banks do those loans. I am using Wells Fargo.

http://www.hud.gov/ll/code/llslcrit.cfm

 

Message 3 of 4
clipperskipper
Regular Contributor

Re: 203 K loan

I was surprised that so many small community banks were doing 203K paper. I called Wells and the lady there quoted phone numbers,

7 1/4% and 3 1/2 points. I told I'm all set, it's a little too competative out there.

Message 4 of 4
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