Home Buying in 30030>Question Details

asha, Home Buyer in 30030

Any advice on lenders that will work with 600 fico score for a first time homebuyer for a 99k condo?

Asked by asha, 30030 Fri Oct 18, 2013

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Rodney Mason’s answer
Hi Ash,
With that low of a credit score, FHA would be your only option. For an FHA mortgage, the condo must be located in an approved project.
For an FHA mortgage, most lenders require 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.

If you are looking to purchase a property, 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 mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://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.
0 votes Thank Flag Link Fri Oct 18, 2013
Asha, I would check with Laura Sosa-Rocha of the Truth and Lending team at Heritage Bank of the South.... Laura@truthandlending.com I have seen her team do an FHA loan for clients that were told by other lenders they weren't eligible. If the home buyer isn't eligible now she will help explain to them the best way to strengthen their credit.
0 votes Thank Flag Link Mon Dec 30, 2013
Hi Asha congrats on the purchase. I would love assisting you through the purchase process.

Kaylane Peters
Coldwell Banker South Gwinnett
0 votes Thank Flag Link Mon Oct 21, 2013
Hi Asha
The minimum credit score requirement for a conventional loan is 620, however, my company can do FHA mortgages with as low as a 600 credit score. The condo will need to be FHA-approvable in addition to you needing to qualify for the loan.

I'd be glad to walk through things with you if you want to give me a call or email me


Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
Fax (248) 945-4842

0 votes Thank Flag Link Fri Oct 18, 2013
Thank you, Tony! I will send you an email shortly.
Flag Fri Oct 18, 2013
Hi Asha,
I am not sure where state you are in, but if you are in PA or CT, we can do FHA loans down to a 580 credit score with one of our lenders providing you have other compensating factors. Email me or call if I can help. 877-808-6611 or mike@northernstatesmorgage.com
Flag Fri Oct 18, 2013
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