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VA FHA Choice First TIme Homebuyer Down Payment Question Low FICO score

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hopingforahouse
New Member

VA FHA Choice First TIme Homebuyer Down Payment Question Low FICO score

Long time lurker, first time poster!  So we are probably in the high 5's in FICO Scores.  Credit gardening, getting rid of baddies and finally possibly found a mortgage program.  Patience is not our friend Smiley Sad    Husband is medically retired from the Air Force, we've never bought a home before so we have VA and First Time Homebuyer to look forward to.  FHA Choice looks like it might be an option but my question is this.

 

We will probably possibly qualify for 10k worth of downpayment assistance, would that count towards the mandatory 3.5 down for a FHA Choice mortgage?  Our scores are too low to qualify for a run of the mill VA or FHA loan, and stumbled upon the FHA Choice Program.  Any info you can provide is much appreciated! 

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JM-AM
Valued Contributor

Re: VA FHA Choice First TIme Homebuyer Down Payment Question Low FICO score

There are numerous programs out there.

 

The problem isnt with the programs, it is finding Lenders that will approve you with those types of scores.

 

To answer your question with downpayment assistance... it is counted towards the 3.5% down payment.

 

You can also look into NACA if its available in your area. While many hate the long process, if it is something that is available in your area, and you are okay to go through the steps needed, in the long run this loan will be the cheapest lown overall in the long run. They also have no down payment, no closing cost, lowest interest rates, etc etc...

Good Luck
May all your dreams and wishes become a reality!
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