For an FHA mortgage, most lenders have required a 640+ credit score since 2008/2009.
Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift. FHA loans will allow a seller contribution toward closing costs/pre-paids of up to 6% of the sales price.
You will also need a verified 12 month on time housing history. This will need to be verified by either 12 months of cancelled check or by a Verification of Rent from your management company.
Once you are ready to purchase, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
On a purchase transaction you should be able to close with in 30 days. My normal FHA rate for 30 years is 3.25% My normal turntime is 15 days provided I have a client that is proactive and provides all necessary documents when asked. I have had instances when clients took 20 days to provide their bank statements or tax returns which have pushed it to 40 days. I would love to work with you.
Cost and value are 2 different issues. It is not uncommon to see overpriced listings. If the realtor is doing thier job they are educating the public at the listing appointment. When I go on a listing appointment I always take a CMA (Competetive Market Anaylsis with me. As a practice I will not take a listing for more than 10% over the price shown in the CMA. I would rather be honest than have an uhappy homeowner.... more