FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWN PAYMENT AND CLOSING FEES:
Down payment only 3.5% of the purchase price with a 580.
Down payment only 10% of the purchase price with a 550.
Gifts from family or Grants for down payment assistance and closing costs OK!
Seller can credit buyers up to 6% of sales price towards buyers costs.
No reserves or future payments in account required.
FHA regulated closing costs.
Your credit scores provide a description of the top factors impacting your scores. You will be able to read this information when you pull your credit report.
Poor credit scores are a portion of consideration underwriter's factor into evaluating your ability to re pay the loan.
It would be in your best interest, to reach out to a well experienced mortgage broker that offers, conventional, government and private loans. Their network make include a credit repair agency.
Repairing credit requires determination, diligence and persistence. Good luck.
Brock Realty Inc.
Visit http://www.brockrealty-inc.com where you can sign up for a FREE Listing book account which allows you to search the MLS in real time and receive morning reports on new listings, current pendings and recent solds.
If your score is less than 600 I can still do the free credit run and analysis to determine what would get your score where it needs to be.
Feel free to reach out if you wish to give it a shot!
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Rate quote or live chat with me at the link below:
Lastly there is the NACA program:
Just be sure to find your Realtor first or they will assign a Realtor to assist you. Then your Realtor would input your details to the website to sign you up.
All the best,
If you have saved a down payment, there are several investors looking for home buyers that otherwise do not qualify to purchase a home through a bank. Call me to find out more at 813-600-3563
Below is an excerpt from the FHA website https://www.fha.com/fha_article?id=200:
"Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV".
Applicants who have a minimum decision credit score of less than 500 are not eligible for FHA mortgages. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims."