Home Buying in Lancaster>Question Details

Mario Cerrit…, Home Buyer in Lancaster, CA

Any loan programs for credit score of 578? Possible down payment assistance programs?

Asked by Mario Cerritos, Lancaster, CA Thu Dec 12, 2013

I have been looking at different lenders (i.e. High Tech Lending, Quicken Loans, etc) who say they can offer FHA loans for people with credit scores under 620. I can't tell anymore if they are serious or if its a scam. I also came across this CHF Access 1/2% Down Payment Assistance Program (http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx). Seems very suspicious, but then again, I have no clue if its a serious program. Any help, advice, or guidance would be greatly appreciated.

Help the community by answering this question:

Answers

8
Mario,

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.
2 votes Thank Flag Link Thu Dec 12, 2013
Spend some time working with a lender to get your credit score up. It won't take as long as you think.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
2 votes Thank Flag Link Thu Dec 12, 2013
Mario,

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

http://www.bartprequalifies.com

bart@bartprequalifies.com
2 votes Thank Flag Link Thu Dec 12, 2013
The 1/2% program is legit, it is the use of the CHF 2nd mortgage assistance of 3% in combination with FHA's maximum loan amount:

http://www.chfloan.org/Programs/ACCESS/CHF_ACCESS_HB_Flyer_C…

& 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.
2 votes Thank Flag Link Thu Dec 12, 2013
Good morning Mario,

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
(661) 466-6849
Fax (661) 422-3006
http://www.TamaraStoebe.com
1 vote Thank Flag Link Thu Dec 12, 2013
Hi Tamara: I found Quicken loans operates on a very limited program. If you do not fit into their tiny little box you will not qualify. Having worked with a number of lenders I find Skyline Financial, Calabasas has programs that may fit limited credit scores. Speak with Don Bagwell.
Flag Thu Dec 12, 2013
Hi Mario.

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.

GOOD LUCK.

Scott Miller
Realty Associates
Boca Raton, FL
1 vote Thank Flag Link Thu Dec 12, 2013
Hello Mario, yes you may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. Your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

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.

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2012/12/ar…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

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
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY

If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Mon Sep 29, 2014
That credit score is right under the border. The lowest credit scores lenders like myself are able to do, is a score of 580. I suggest your work on your score a bit to push it above 580. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 3, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer