Financing in Jacksonville>Question Details

Harveymom, Home Buyer in Jacksonville, FL

I'm looking to buy a house in Avondale. MY score is about 720 but my husband has a credit score of 660. Do you think we can approved for a FHA?

Asked by Harveymom, Jacksonville, FL Fri Apr 22, 2011

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17
Harveymom,
I saw that you responded to one of the answers by saying that you needed to work with a certain lender because they would give you $1000 back. You should consider if getting $1000 back is worth losing $11500 in down payment assistance. You will save $63.50 per month on your house note by using the down payment assistance. That is $22860.00 over the life of the loan. Remember that purchasing a home is a long term investment and there is more to consider than a short term gain of $1000.

FHA FL Bond Assist program currently has a 5.25% interest rate, which is another factor to consider.
Is it possible that your new house note will be less per month than your current rent payment?
If you are a home owner, usually the interest rate charged on your credit cards is lower also. This can also apply to the interest rate charged on a car purchase, etc.

If you are purchasing a home at $82000 with $11500 in down payment assistance, your loan amount would be $70500. The princpal and interest payment on that amount for a fixed rate 30 year loan at 5.25 % interest would be $389.30 per month. You will need to add property tax, MIP, homeowners insurance, and possibly HOA fees to this amount to get the total monthly payment. The estimates on these items vary with each property. That is why it is important to get pre-approved by a mortgage company to determine the total monthly payment you quaify for before selecting a home. This will assist your Realtor in selecting homes that fit in your budget.

I hope this helps with your home financing decisions.
Brenda Gravitt CRS, GRI
Coral Shores Realty
bkgravitt@gmail.com
0 votes Thank Flag Link Thu May 5, 2011
Harveymom,
660 should be completely acceptable to FHA, Typically the minimum that lenders will consider is a 620. Remember - FHA is not a score driven approval though. If he was a 780 4 months ago and has not been paying creditors on time there could be an issue - but I am assuming there are no recent derogatory issues.
Contact me if you would like to send an application completely through underwriting before you place an offer for a house.
Keven
0 votes Thank Flag Link Thu May 5, 2011
I have a listing in the Saint Johns/Avondale area for $82000 that you would probably qualify for. Your credit scores are high enough but there are other factors to be considered. Have you owned any property in the last three years? If not, then you qualify as a first time home buyer for up to $11500 in down payment assistance. This will help to reduce your monthly payment.

contact Jeff Lowry at Everbank Mortgage at jeff.lowry@everbank.com to see if you qualify. If you qualify, you will need to attend an 8 hour home buying education class. Contact Brenda Gravitt at bkgravitt@gmail.com and I will set you up with a listingbook account to search the MLS for homes, free of charge.

Then we will select at least 6 homes to preview to see if they meet your needs. I can show you any listing on the MLS regardless of which company or agent is marketing the property. This will save you time and confusion. I specialize in working with first time home buyers and investors.

Contact me if you have additional questions.
Brenda Gravitt CRS, GRI
Coral Shores Realty
0 votes Thank Flag Link Thu May 5, 2011
You wil have no issues as far as your credit scores go but there are other deciding factors. You will definitely need to be prequalified by a reputable company, I work with a few, and they will let you know exactly what you will need for mortgage approval. He can also tell you exactly how much of a house you qualify for and what your monthly payment will be. This is an excellent time to buy!
By the way, FHA maximum loan amount for Duval County is $387,500.
Web Reference: http://www.cathybade.com
0 votes Thank Flag Link Sat Apr 23, 2011
Yes you can. Let me know if I can be of any help.
0 votes Thank Flag Link Fri Apr 22, 2011
I'm a realtor that was also a loan officer at one time,scores are only part of the equation,assets,DTI,job time,income etc.$1000 is nothing that another mortgage broker can't meet or beat,some banks pay up to 5k towards closing cost if thats what you are talking about and there are concession from both Realtors and Mortgage broker that can do better than your bank shop around.Call me if you have questions even if you do not use me I have no problem explaining any questions you may have.Marc Cameron 904-566-2864 or email me at marccameron7@yahoo.com
0 votes Thank Flag Link Fri Apr 22, 2011
Hi, Getting pre-qualified is the first step so you are heading in the right direction. I am a Realtor who lives in Avondale so I can provide the type of Real estate services you will need to make the best decision.
Also, I work with a morgage broker who can answer all your questions. She has 100% positive feedback from all the customers I have sent her, so don't be shy about contacting her.
Please e-mail me at drjml@hotmail.com
or call me 904-894-6587 so I can get busy helping you find and purchase the perfect Avondale home.
Jason
0 votes Thank Flag Link Fri Apr 22, 2011
HM,
You wil definately have no issues with credit score for FHA. The minimum for most lenders is a 620, and some will go as low as 580 in certain situations. Of coarse we will need to anaiyze your income and assets as well before we can be sure you will be eligible for mortgage approval
FHA maximum loan amount for Duval Co is $387,500. Will this be sufficient for this purchase?

If you have any quesitons, feel free to email or call me directly
904-382-3637
kevenbrennan1@comcast.net

Thank you,
Keven
0 votes Thank Flag Link Fri Apr 22, 2011
Harveymom,
I have realtionships with numerous lenders that will be able to assist you!!! I am a local Jacksonvillian who prides himself on market knowledge, pricing, values and more importantly- realtionships with partner vendors who can provide assistance.. Please feel free to contact me directly.

David Lane
904-616-2303
dlane@watsonrealtycorp.com

Happy Easter!!
0 votes Thank Flag Link Fri Apr 22, 2011
Hi,

Scores look good but I would recommend contacting Ricki Taylor at Synovus Mortgage Corp. - 997-7663, so she can explain all the details. She has done several mortgages for me and she really knows her stuff. Once you feel comfortable with the loan process contact me, 571-1358, and we can get into the buying process in the Avondale area. Look forward to your response.

Have a wonderful Easter.
Charlie
Charlie Chorman - REALTOR
Coldwell Banker Vanguard Realty
Web Reference: http://jaxhomesinfo.com
0 votes Thank Flag Link Fri Apr 22, 2011
Donald & Lynn,

I'm sorry, but just because their scores qualify does not mean they qualify. Please choose your words carefully and unless you offer financing and have a license to do so, you really shouldn't even be giving financial lending advice legally anyways. Thank you.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
0 votes Thank Flag Link Fri Apr 22, 2011
I need a Realtor who works with Navy Federal through Realty Plus. If we buy a home through their service, we get $1000 cash back.
0 votes Thank Flag Link Fri Apr 22, 2011
Harveymom,

Here is an overview of FHA lending guideline. Also, I have sent you a web reference for you to check out.


CREDIT SCORES: On October 4th, 2010 HUD issued rules relating to borrowers credit score. Borrower's who are applying for a FHA mortgage now need to have a certain minimum scores. Keep in mind that Lenders may impose higher standards than HUD in order to protect themselves from losses and have the ability to sell the mortgages on the secondary markets. The new credit score requirements are:

*

Borrowers with a minimum decision credit score at or above 580 are eligible for maximum financing.
*

Borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV.
*

Borrowers with a minimum decision credit score of less than 500 are NOT eligible for FHA-insured mortgage financing.
*

Borrowers with a non-traditional credit history or insufficient credit are eligible for maximum financing but must meet the underwriting guidance for non-traditional credit.
*

Borrowers using 203(h), Mortgage Insurance for Disaster Victims, are eligible for 100 percent financing and no downpayment is required, provided that the borrowers have a minimum credit score of 500 (borrowers with decision credit scores below 500 are not eligible for FHA financing).
0 votes Thank Flag Link Fri Apr 22, 2011
Contact Paul Miller as he is a Mortgage production Manager for a major bank in Jacksonville, and he will give you the facts

Paul Miller 904-996-1051

Doug Dickie
Zenith Realty, Inc
1855 #8 Wells Rd, OP
904 215-0676
0 votes Thank Flag Link Fri Apr 22, 2011
Harveymom, I know you can qualify for a FHA loan with those scores. Are either of you veterans? PMC just announce no credit scroe for VA loan. If you need a Realtor, please call me. I am also a state certified residential real estate appraiser and a REMAX agent. I know the local market. 904-962-8089, dprice@agentlink.net
Don Price USN-RET
CDPE
REMAX Specialists
0 votes Thank Flag Link Fri Apr 22, 2011
Hi Harveymom,

YES! You can with those scores. Call me and I'll be happy to help.

Lynn Brier-De La Cruz, REALTOR
904-343-8586
Web Reference: http://www.LynnSellsJax.com
0 votes Thank Flag Link Fri Apr 22, 2011
Hi Harveymom,

According to FHA guidelines there are NO minimum credit score requirements for FHA financing. Now with that said most lenders have overlays for a minimum credit score. I know our company, a direct lender, will go down to 620. So with your scores you should have no problem with your credit scores in regards to qualifications. I would be happy to discuss your financial situation further and assisting with your financial needs. Feel free to contact me via the contact information below.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
Josh.Lerette@myrfc.com
http://www.residentialfinance.com
0 votes Thank Flag Link Fri Apr 22, 2011
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