Hello cb, you may qualify FHA from fico scores between 500-579 with 10% down and minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 5% down conventional with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score. It only takes a few dozen questions to qualify and go over your options.
Credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some blogs to study such as Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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As an REO agent, I can tell you that the trouble with purchasing a foreclosure property is that the bank is anything but sympathetic to the buyer in these transactions. If you have placed your offer directly with the listing agent, then you must press on them to mitigate this issue directly with the asset manager for the bank. If you are working with an agent of your own, then you should have your agent draft a letter explaining the issue and what it will take to resolve the problem. The banks don;t consider anything that isn't in writing. Explain that you are a ready, willing, and able buyer that wants to move forward with the purchase, but that this issue must be resolved in order for you to do so. Best of luck to you and please let me know if I might be able to help further.... more