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PM me and I will give you a lender who claims to do FHA down to 560 scores. I am not sure if he operates in your state or what the limitations, if any are. I am in Texas
@hendersj31 - I am in the DFW area, can you PM me the lender information. thanks
@hendersj31 wrote:PM me and I will give you a lender who claims to do FHA down to 560 scores. I am not sure if he operates in your state or what the limitations, if any are. I am in Texas
only thing with that is you have to have a 580 and above for 97.5% LTV (3.5% down) whereas below 580 is 90% LTV (10% down)
Most of us (lenders) have access to that program nationwide. The difference is the down payment will be 10% for anything under 600 and the rates are higher than the published FHA rates.
10% for anything under 580. I closed with 3.5% at 593. The banks do have additional overlays for people with lower score. We had to pay an additional .25% because our score was under 620.
Also check to see if your state offers any assistance to FHA buyers for the down payment requirement. I closed last August here in Alabama and the state funded program financed my down payment requirement.
@asp123 wrote:Also check to see if your state offers any assistance to FHA buyers for the down payment requirement. I closed last August here in Alabama and the state funded program financed my down payment requirement.
Some of these programs require a min credit score and income limit...
I closed on my mortgage with FGMC on 05/18/2012 and my middle score was just at 580. I put the standard 3.5% down as per FHA's requirements and have a relatively low interest rate. So it could be done as I am a prime example. There are several of us who were funded through FGMC here on this site and we all were given interest rates at the current market value.
Yes, the state programs will have requirements for credit score. They are a good source for people with low to median incomes though. I was making $50,000 a year at the time and I was approved.