â€œNew borrowers will now be required to have a minimum FICO score of 580 to qualify for FHAâ€™s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.â€, according to acting Federal Housing Administration Commissioner and Assistant Secretary for Housing, Carol Galante.
An informative article on this topic can be read at:
Certified Short Sale Agent
Coldwell Banker-Casa Bella Realtors
All condos are fha approved or not approved. The condo questionairre is irrelevant if the condo is not fha approved. I would check the complex to see if it is approved at:
If it is not approved you could potentially qualify for an fha loan. I would love to help you if you give me a call. Best of luck to you!
Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
Yes, the condo does have to have FHA approval. Great to see that you are proactively taking measures to improve your fiances' credit score. If you are both going to be on the mortgage, yes, both scores will be used but not combined and averaged out. Your next step is to speak to a Loan Officer. My company has in-house lenders which enables the most convenience costumer service. If you would like to contact him and get a free Pre-Qualification, his name is Robert Madonna with Trident Mortgage. 609-677-7821 (Direct line), firstname.lastname@example.org. or via cell, 609-992-8539.
Erin E. Reilly
Prudential Fox & Roach