Financing in Milwaukee>Question Details

Amayo21, Both Buyer and Seller in Milwaukee, WI

What if my credit score is below 660 but i have a co-signer. Would i stiill qualify For the Fannie Mae Homepath Financing program?

Asked by Amayo21, Milwaukee, WI Mon Jul 25, 2011

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FNMA Homepath can be a good loan for some, but be more difficult to qualify for. I have seen borrowers with 660 scores get approved and 680+ scores get denied but put them into an FHA loan and sail through. Be sure to speak to good Loan Officer and search all the possible programs available to you. If the property requires a Homepath loan that's a different story. For example with Condos, due to the delinquency or rental factors, Homepath is the nearly the only way to get some of them financed.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Thu Jul 28, 2011
With us and 20% down you could with a min fico of 640. But that is kind of self defeating, since one of the primary reasons most people are doing Homepath is because they need only 3% down.
0 votes Thank Flag Link Mon Jul 25, 2011
Everyone has to have a 660 or higher. You can typically on have a Non-Occupying Co-borrower (co-signor) on a Home Path loan if you are putting down at least 5% or more.

What are your scores now? Do you have any credit card debt you can pay down?

http://www.trulia.com/blog/elliott_r_oliva/2011/07/credit_10…
0 votes Thank Flag Link Mon Jul 25, 2011
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