Financing in Columbus>Question Details

House-hunter, Home Buyer in Columbus, OH

Need a non-FHA loan...

Asked by House-hunter, Columbus, OH Wed Apr 30, 2008

I am looking to purchase a home (condo) in Columbus in the very near future. I have already been approved for FHA financing, but it turns out that none of the condos I am interested in are FHA eligible. I have proof of stable employemtn, currently earn just over $75,000 a year, and am looking to purchase a home in the range of $150,000-175,000. I have the funds for a 5% down payment. The problem is my credit. One of my scores is around 710. The other 2 are in the 640's. I've been told that my middle (or average, depending on who I talk to) score needs to be at least 680 for conventional financing. Does anyone know of available options for conventional financing for me now or do I need to wait until my credit scores improve?

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Answers

6
Dear House Hunter:

You do not need to wait. There are other options for you. I have a few credit unions that do not have to conform to fannie and freddie standards and will loan money on condos. You can join these credit unions as long as you live or work in Central Ohio. There is also a special first time home buyer program available with below market interest rates. Please feel free to contact me if you would like more information.


Brittany Simonelli, Buyer Agent
Revealty
614-940-3067 Phone
bsimonelli@revealty.com
0 votes Thank Flag Link Sat Nov 8, 2008
house hunter,Your problem is correctable,having worked on both,lender programs with my buyers,and certain condo's that aren't FHA approved.I have a lender in my remax office,that would be able to help and explain,your options.Her # is 614-560-4249(Trisha Murray) I will answer your real estate needs.tjroberts@remax.net Look forward in solveing and getting you into your home,smoothly.

Regards;

TJ
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Sat Nov 8, 2008
Yes yiu can do a spot FHA,call Tim maybe able to help you.Has a couple banks that said would get you conventional,his # is 216-407-4151(Oxford lending) tell him TJ told you to call,he's expecting your call.Good Luck

TJ
Web Reference: http://tjrobertsrealtor.com
0 votes Thank Flag Link Wed Apr 30, 2008
Cnd buyer,Yes not all condo's are FHA,could you not get a conventional loan w/same? I would be glad to help you with both,as an ABR and knowledge of the condo mkt and Cols.depending on your needs.Let me know.

Regards;

TJ
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Wed Apr 30, 2008
A spot approval can take anywhere from 45 days to 6 months depending on your ability to get the paperwork from the Condo association. It is a possibility but could take to long. I would look into a Rapid Rescore of your credit, it only takes 1 week and it can improveyour scores 100 points if done properly. Give me a call and I can explain how the procedure works.
Ryan
888-271-2221 ext 203
0 votes Thank Flag Link Wed Apr 30, 2008
You should see if your lender can do a spot FHA approval for you on these condos - it can be done. Also, it sounds like you are trying to buy into a PUD not a condo complex, as FHA does not differentiate like that for condos like they do for PUD's. Still though, conventional financing will be hard to secure with a 640 middle score, so you should move forward with FHA. If your lender is unable to navigate around this or process a spot approval, then you should consider a new lender.
0 votes Thank Flag Link Wed Apr 30, 2008
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