Home Buying in Charlotte>Question Details

Giantsfan, Home Buyer in Charlotte, NC

Does anyone know of a bank in the Charlotte, NC area that will finance an FHA loan for someone with a 600 FICO score?

Asked by Giantsfan, Charlotte, NC Thu May 16, 2013

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7
Coldwell Banker Mortgage will do it. Call Craig Snyder at 704-280-6868. Tell him I told you to call.
1 vote Thank Flag Link Thu May 16, 2013
Hello April. I gave your guy a call, got his voice mail. Let's see what he can do. If things work out, I'll give you a call. I'm not familiar with the Charlotte area. Looking for a home selling in the $40-$50k range.
Flag Wed Jun 5, 2013
Try Kate Bost 7048902922 tell her Cindy gave you the number
0 votes Thank Flag Link Thu May 16, 2013
Good afternoon, GiantsFan:
If you meet the criteria in the below Trulia Real Estate Blog, "I have bad credit and no savings. Can I get a home or am I stuck renting?" we can probably help you find financing. The loan interest rate and terms should still matter and you should compare the annual percentage rate (APR) from the various lenders you might ask. Also, you don't want to have more than three lenders pull your credit or your score can drop. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Thu May 16, 2013
Giantsfan,

Bonnie Jackson with Wells Fargo Mortgage says that FHA will do it with a score of 620. I suspect most lenders will work with you to get your credit score up 20 points, so that you qualify.

Bliss Green at Regions Bank is very good at working with credit challenges. Any of the mortgage companies that work with builders in the first time homeowner market should be able to help you.

In addition to qualifying, you might want to look at a budget plan to keep you in the house once you purchase. Some lenders and non-profits provide that as well.

Wishing you the best in home ownership,
Robin
0 votes Thank Flag Link Thu May 16, 2013
Call Jim Smith with Summit Funding 704-965-6800
0 votes Thank Flag Link Thu May 16, 2013
I don't, but follow up with the others below.

Just keep in mind you want to beat the FHA monthly MIP increase deadline in June.

Also be prepared that there will undoubtedly be additional lender overlays that could hold you back from being approved......(i.e. FHA requires some collections to be PAID before closing)

With that being said, just be certain you are doing the right things while managing your credit so that you can qualify for the BEST interest rate and loan terms. Buying a home is great, but your pre-purchase preparation will make a world of difference in the long run!

Good Luck and Happy house hunting!
0 votes Thank Flag Link Thu May 16, 2013
gianstfan,

I have a lender I use almost exclusively for cleitns l with scores from 600 to 620 and he gets them approved as long as the rest of the credit is fine. his name is Chris Ayer. His cell number is 704-771-3954 and his e-mail address is chris.ayer@mortgagefamily.com

Dave diCecco
Realtor/Broker
Coldwell Banker United
Cell:704-519-7895
ddicecco@cbunited.com
http://www.davedicecco.com
0 votes Thank Flag Link Thu May 16, 2013
Hello Dave. Thanks for the response. When you say, "as long as the rest of the credit is fine", what exactly do you mean? With a credit score this low, there has to be some credit issues, right?
Flag Wed Jun 5, 2013
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