Home Buying in Brooklyn>Question Details

Sandra Zborn…, Home Buyer in Brooklyn, NY

FHA Loans & Lenders

Asked by Sandra Zbornak, Brooklyn, NY Sat Jan 25, 2014

I'm working to get my scores up to 600. I would like to get a Co-op/Condo Under 200k (2br/1ba) in Brooklyn. I would like to get a FHA loan. The only debt I really have is a $130/month student loan and a $342/month car payment (and $900 rent that I plan to leave behind soon). I wanted to pay the car off, but I read that it lowers the score. Nevertheless, I owe 5k on the car and plan on paying about 3,500 of it off by march. My income is about 2,400/month (after taxes) and 4k/month with overtime (after taxes).

What are my chances of getting a lender once my scores reaches 600? I know I've read that some lenders are changing to only service those with a 640 or better and that some go down to 580, but I would like to know realistically what I'm looking at. I've seen many co-ops for 112k even some at 89k in the BK area

Help the community by answering this question:


Sandra, I've been doing mortgages for a decade now. Do yourself the favor of meeting face-to-face with a Loan Officer, it'll make a world of difference. There are so many different factors involved and different things that can determine if you'll qualify or not or what you'll qualify for. It's very possible that a FHA loan won't work for you being that you're looking for a co-op and/or condo. Meet with a Loan Officer and let them tell you exactly what you need to do with your credit and walk you step by step from that point forward.

I'm always available to meet you in person should you need someone reliable and honest to help you. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
3 votes Thank Flag Link Sun Jan 26, 2014
Hi Sandra,

Actually FHA does not insure loans on co-ops, but approved condos are OK. And yes, most lenders require a minimum mid-score of 640 to receive all the benefits of an FHA-insured loan such as 3.5% down payment, financing up to 6% of the closing cost in your mortgage and getting the most liberal underwriting guidelines. Some lenders accept 580 or lower mid-scores but usually with higher down payments, higher interest rates and more restrictive underwriting.

I agree with Xavier, it's best to meet with an experienced loan officer who can assess your situation and offer personalized solutions rather than general info that we are limited to in these online forums. My free consultation includes time-tested advice on improving your credit profile to get the best interest rate and the right mortgage.

I can be contacted directly at 917.699.0183 or michaeldenniston247@gmail.com for questions or assistance.

Please hit best answer if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
The Federal Savings Bank
Nationwide Direct Lender
1 vote Thank Flag Link Wed Jan 29, 2014
Thank you! I will be in touch.
Flag Thu Jan 30, 2014
Hi sandra
First you need to speak with a mtg banker. Pls send me your direct email i will give you someone to talk too
Pls also know there are no fha coops they all require 20 percent dp.
0 votes Thank Flag Link Sun Jan 26, 2014
Hi Sandra
I wuold like to invite you to our office to sit with our mortgage bankers and to have all the necessary info and answers to your questions. Call anytime Mei 917-834-9734
0 votes Thank Flag Link Sun Jan 26, 2014
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