If your scores are 600 or above, we can help you qualify for a FHA loan that requires 3.5% down. A score of 640 gets you an even better rate. Obviously, if you qualify for a Veterans Administration loan, then no downpayment is required.
Remember, lenders look at a complete application, not just income or credit score. Most loan officers are happy to help you get a handle on the proces without charge or obligation, including me!
Best wishes, Jim, American Bank
I would recommend you get a pre-approval prior to looking at property. In fact, we require you have this before viewing any homes.
There are 2 lenders I can recommend who are excellent. They also have programs for first time home buyers and often special discounts. More importantly there are extremely thorough and once you get a pre approval from them there are no surprises at closing. When you find your dream home, it will go smoothly.
They are also very good at follow up if you need to speak to them at any point during the process.
Happy to give you their contact information just send me an email.
The question is not so much which lender but which programs are available to you. The reality is most lenders offer, for the most part, the same programs. The only exception I can really think about would be local credit unions which generally offer their own portfolio type lending that may not be best for you and your situation.
The following programs are both good for little to no money down plus also less than perfect credit.
FHA - While FHA will allow you to go down to 540 scores, most lenders will have overlays of 620 or higher scores. While yes there still are lenders out there that will go below this threshold, prepare to have a extremely valid reason for the credit scores. i.e. death of co-signer or major illness. FHA will allow you to only put down 3.5% of the purchase price.
USDA - While USDA offers 100% financing, both the home itself must qualify as a rural area (which West Palm does not quite qualify as rural) and you must qualify with an income below the median income for the area after any child care expenses.
VA - If anyone applying living in the home with you has served in our military this would be a great option for no money down, no out of pocket expenses with not only great rates but exceptional payments.
HomePath â€“ This option allows you to only put down 5% with no mortgage Insurance. The home has to be eligible for HomePath financing.
I would be happy to help you with your financing. Our company Residential Finance Corporation is a National Direct Lender with access to some of the industries lowest possible rates and more importantly service second to none. We close loans on average in about 18-20 days start to finish. We underwrite and process your loan in house so you are informed every step along the way.
I look forward to hopefully hearing from you.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax
that will determine he success of your mortgage financing experience ! The individual
Mortgage Originator,The Lender ,and the Menue Options the originator 's Company
can select out for you.
I would suggest considering a lender conversant with both FHA and Homepath funding.
You should get an idea of both what you Qualify for -and- The Costs involved! After
getting the lender's Qualification info - The costs involved will diictate choices you
may wish to make on price range , etc. Only you can determine what you can afford!
The Mortgage Lender can only determine what financing you will be able to obtain
and any choices you may have. My website (referenced below ) has links to info on
both FHA ,Homepath and other options.Contact me directly for a referral to sources
I can recommend Best of Luck in any event!
BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
We are mortgage brokers. We have unlimited banks and programs available to us. We do the shopping for you. You can put as little as 3.5% down with FHA with a minimum middle credit score of 540 and 3% Conventional as long as you have a 620 middle credit score. If you qualify for a USDA loan you do not have to put any money down. There are other programs as well. If you would like to discuss more please contact us.
Michelle & Benny
Your Mortgage Specialists
Ambassador Funding LLC
My clients (first time home buyers) just recently closed on their beautiful townhouse. They, at first, were turned down for pre-approval by one of the big bank lenders but we were fortunate to find a local mortgage broker who succeeded where the other could not. And, the loan costs were reasonable and the rate was excellent.
Yes, it is more difficult to obtain financing now but it is possible. And, you should definitely speak to a mortgage broker now to see if you qualify. Several years back it seemed that as long as you had a breath you could get a mortgage.
You can email me if you would like the name of the lender I feel very comfortable in recommending to you.
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL 33496
http://www.homepath.com when you find a propety you like call me I can help you.
Only 3% down with this program and a 3% Seller contribution towards closing costs.
My email is WPBSPECIALIST@GMAIL.COM CELL 561-307-1007