With a middle credit score of 626, I would recommend raising your scores under the direction of an EXPERIENCED Loan Officer as a Conventional Loan will give you many more options. If that is not an option for you, the only program that you would qualify for is an FHA but the Condo Project would need to approved. You can check at the website below and if the Condo Project is not approved, there is way to get it approved but it will take some work. Hope this helps. Let me know if you need any assistance as I live and am licensed in Texas.
Best of Luck!
Hello don_texas. You should speak with a Mortgage Broker/Loan Officer who assist you in obtaining a lower interest rate.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
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The credit guidelines for USDA and FHA loans aren't that different, but USDA loans do have an income limit which you may exceed, so you'll want to look into that. You can check both property eligibility and income limits on the USDA website:
Also, the FHA loan problem you're having may be more of the lender your working with. I would take that appraisal and show it to multiple FHA lenders in your area. If they would accept those comparative sales, you may be fine.
The rental income comparison may be the hardest part. You need to have enough money down to where the estimated rental income x the lenders acceptable occupancy rate is enough to cover all the units. You can read a little more on the topic on my blog post here: