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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.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
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)
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,
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.
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!!
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
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.