Fernando, Home Buyer in Houston Suburban Hei...

Can I qualify for a Home Path or USDA Loan with a 550 Fico score and 5% down in Houston TX area?

Asked by Fernando, Houston Suburban Heights, Houston, TX Sat May 15, 2010

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Answers

6
Hi, Again, Fernando!
Talk with a real person instead of asking on the net. You have to be frank and open and honest about your situation and the net is NOT the place to be doing that. Call me if you'd like and I will give you some pointers. The real question is...Are you willing to do what it takes to make it happen?? Call when you are ready...Kathleen (281) 799-4002
0 votes Thank Flag Link Tue May 18, 2010
Hi, Again, Fernando!
Talk with a real person instead of asking on the net. You have to be frank and open and honest about your situation and the net is NOT the place to be doing that. Call me if you'd like and I will give you some pointers. The real question is...Are you willing to do what it takes to make it happen?? Call when you are ready...Kathleen (281) 799-4002
0 votes Thank Flag Link Tue May 18, 2010
Fernando,
Check the Homepath website. Even if you don't qualify, you can still rent until you get your score up. Please look at this as a starting point to get a home.
Web Reference: http://www.ourfirstnest.com
0 votes Thank Flag Link Mon May 17, 2010
Good Sunday Morning, Fernando!
Hope your weekend is going well. Call me to help you with your home search and we can discuss your FICO iand why it is low. We can discuss why but not here. HomePath loans and FHA are looking for minimal scores of 580. There may be something simple you can do to raise your score. Let's visit about that. HomePath has some savings on closing costs and a slightly lower down pymt. Your ability to purchase a home has so many things to consider....cost of property, your down payment, length of loan, your work history, etc. Call me and I'll help you get started. You may not get a home next month but the future is out there for you. Call me (281) 799-4002. Don't forget to leave a good message in case I'm not available at the exact time you phone. Have a wonder-full weekend. - Kathleen
0 votes Thank Flag Link Sun May 16, 2010
The short answer is no. I don't believe there are any lenders allowing scores as low as 550.

Christopher Lyon
Fidelity LLC
0 votes Thank Flag Link Sun May 16, 2010
No. Lenders typically require borrowers to have a minimum mid-credit score of 620 if you are putting at least 20% down, and a mid-credit score of 660 if you're putting less than 20% down.

The Fannie May HomePath mortgage can be used only on Fannie Mae foreclosed homes that qualify for HomePath financing. To learn which Fannie Mae foreclosed homes qualify for the program, go to http://www.homepath.com/. The Fannie Mae HomePath loan program allows those with "less than stellar" to purchase a Fannie Mae foreclosed home with as little as 3% down. See http://www.fanniemae.com/homepath/financing/index.jhtml.

USDA loans for the most part follow FHA credit and underwriting guidelines. For USDA and FHA mortgages, lenders typically require borrowers to have a minimum mid-credit score of 620.
0 votes Thank Flag Link Sun May 16, 2010
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