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Need a non-FHA loan...

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?
Wed Apr 30 2008, 07:59 - Columbus - Financing - 4 answers
 
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House-hunter
Home Buyer
in Columbus
House-hunter, Home Buyer in Columbus in Columbus
Answers (4)
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John Youker,… was FIRST TO ANSWER
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

Wed Apr 30 2008, 14:14
Web Reference: http://tjrobertsrealtor.com
 
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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

Wed Apr 30 2008, 14:00
Web Reference: http://tjroberts.remax.com
 
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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

Wed Apr 30 2008, 09:13
 
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FIRST ANSWER
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.

Wed Apr 30 2008, 08:05
 
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