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580 FHA?

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irish_girl
Valued Member

580 FHA?

Are there any national lenders doing an FHA with a 580 midscore? My scores are 680, 600 & 583.

There's a house that we love and want to jump on it before someone else gets it.

 

Thanks.

Message 1 of 15
14 REPLIES 14
WannaHouse
Valued Contributor

Re: 580 FHA?

I really doubt it anymore. Try to get a good score boost. Have any CC's you can pay way down to almost no balance?

Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 2 of 15
irish_girl
Valued Member

Re: 580 FHA? - Update

Ok....so I called Countrywide, just to ask a few questions. I spoke with a very nice LO and asked about their minimum score requirements for FHA. He said that they didn't have a "minimum" score requirement as credit unions or normal banks do.  Without giving him any specific personal information, I gave him my income, debts, amount we were looking for, etc and he said that I was about 85% approved, in his opinion. We have no judgements, BKs or liens. I make around $55k/year and have worked for the same company for 8 years. My DTI is about 43% with $6500 in the bank.We planned on using 401K to help out with the down payment.

 

I'm just nervous and don't want to ding my credit with an inquiry if they're only going to tell me to wait. We really want this house and I'm tempted to just see what they say.

 

**Also, the "ballpark" fees that he said were really high. FHA rate was 5.75% and he said we would need about $12,000 on top of our down payment. Is that right?

 

680/600/583 (583 is EX fako)

 

Message Edited by irish_girl on 03-15-2009 03:53 PM
Message 3 of 15
Anonymous
Not applicable

Re: 580 FHA? - Update

I assume he is talking 12,000 for closing. It is hard to say withouth knowing more info. I can tell you that my FHA closing is going to run about 8,000 and that includes my inspections and appraisals on a 160,000 mortgage so that is  5%.I have 5,000 seller assist so it is going to run me about 3,000 (2,300 at closing and 700 is apprisials and inspections before closing. I also need to get a year of homeowners up front which is additional 400.  . It also depends on when you close. End of the month you pay much less in prepaids, beginning of the month, alot more. Mine is figured midmonth but we are shooting for end of month. Also, our state has a 1% transfer tax calculated in. Many states do not have them.
Message 4 of 15
BrianB_The_Loan_Professor
Valued Contributor

Re: 580 FHA? - Update

Ball park figure 3-4% for all closing costs including taxes and insurance

The problem is some states like PA have outrageously high taxes and fees and it can run a lot more so it is hard to say without knowing loan amount and the state but off the top 12000 sounds very high especially for that rate but while they may approve the lower scores a big part of that fee is probably because of the lower scores. I would work to get the scores up over 620 (your mid is already 600 which is what is used) and then the options will increase

 

Brian

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 5 of 15
Anonymous
Not applicable

Re: 580 FHA? - Update

Brian,

 

thanks you answered my question as well. I was wondering if my settlement costs were inline but if they are quoting me about 5% and I am in PA with the 1% transfer tax (my municipallity does not have one thankfully)then they are inline with your 3%-4% statement. One less thing to worry about.

Message 6 of 15
WannaHouse
Valued Contributor

Re: 580 FHA?

My Fico has a sale right now. You can buy your TU and EQ scores for $22.00. Are your above scores from here? are they recent?

 

If not, I would spend the $22.00 and buy fresh scores to see if it's worth it to have him pull them.  The code is on here....myficois8 I think it is.

 

Good luck!!


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 7 of 15
irish_girl
Valued Member

Re: 580 FHA?

I've been buying my TU & Score Power report every week. TU still at 680, EQ at 607. I figured since I can't get a EX Fico, I'd just use these two. As long as they're over 620, it shouldn't matter what the EX score is.

 

Almost there.

Message 8 of 15
valley_man0505
Established Contributor

Re: 580 FHA?

FYI...The broker I am working mentioned that one of the lenders they work with, First Choice Mortgage, still uses 580 as a minimum for FHA.  This was as of February 17 and may have changed since then.  Also, I believe they are only able to serve Midwest states.
Message 9 of 15
Anonymous
Not applicable

Re: 580 FHA?

National City Mortgage used 580 for our mortgage recently.  I don't know if they changed or not.
Message 10 of 15
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