Our company is a free service that helps you find the right lender for the type of loan you need. There is a new program by FHA allows you to put .5% down and get closing costs wrapped into the loan. Lenders require a 580 score for it. I would be happy to refer you to a lender to help.
We could run a credit simulator (free of charge to you) to determine how to raise your score to get a better rate and term.
Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.
Until then, I look forward to hearing from you.
Bart Gabe - 800 315 8803
& you can get an FHA loan under 620 but you would need at least 580 to get FHA's maximum loan amount. At 578 you will need 10%.
In addition to the higher down payment required due to your credit score, your debt ratio will need to be lower than an applicant that has a 580 or a 620 and the loan costs will be higher.
One issue that buyers using these programs face is that sellers are typically getting a lot of activity right now and when faced with a choice of a buyer offering cash or using conventional financing and a buyer that is using FHA, they will favor the former.
You should speak to a lender that does rapid re-scores which may help improve your score and you need to start working on correcting the reason why your score is this low to begin with.
I have found that Quicken Loans is a very good company, and they have good programs, just maybe not for what your situation is.
I would recommend that you speak with Joseph Fernando of MMC Lending in Palmdale, his #(661) 349-4770, he can advise you after reviewing your credit report on the best route possible to home ownership. He does do the rapid re-score, and he is very familiar with the CHF program, as we use that program here in the Antelope Valley alot.
As a local agent - I can help you when your ready to buy, but your first step needs to be speaking with a local lender who knows the lay of the local market, and how to get you from 578 to being a contender in today's housing market. I look forward to assisting you in any way I can.
All my best,
Tamara Stoebe, REALTOR/Notary
GRI, e-PRO, CHS, QSC
BRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Fax (661) 422-3006
It would be a good idea for you to begin repairing your credit. You need to bump up your score and do it quickly. There are lots of companies out there that do this, but a good attorney friend of mine used Lexington Law with great success, over 100 point increase in less than 6 months.
Boca Raton, FL
It only takes a few dozen questions to qualify and go over your options and email you listings too. If you figure out what cities/zip codes your are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Here are some blogs to study such as Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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