Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
"Hi, Tjhe FHA says it will back mortgages with a minimum of a 580 credit score (higher down payment required)"
This is not true.
Here's what FHA actually says. The information is readily available via HUD ML 10-29 at this link: http://portal.hud.gov/hudportal/documents/huddoc?id=10-29ml.pdf
"Borrowers with a minimum decision credit score at or above 580 are eligible for maximum financing. (That means 3.5% down)
Borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV. (10% down)
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 in HUD 4155.1 4.C.3."
If agents want to post whatever their "preferred" lenders have available, that's one thing, but to post misinformation about FHA guidelines is completely something else. People hate when I correct them here, but it wouldn't happen if they either;
A) posted correct information
B) Did not post if they did not know the answer.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group