Question Details

Kathleen, Home Buyer in San Gabriel, CA

First time home buyer, can I buy a short sale under fha loan? My credit scores are in the high 700s. No debt

Asked by Kathleen, San Gabriel, CA Tue Mar 22, 2011

I'm thinking of using fha loan because I would like to have a lower down.

Help the community by answering this question:


Without a doubt an FHA Loan is by far the best loan available all things considered. As long as you have a 620+ credit score here in CA your good to go. With a credit score of 700+ you should be a piece of cake provided that you qualify income wise. FHA offers a low payment, easy qualifying and great rates! If you'd like help letting you know what you qualify for, let me know I'd be happy to go over it with you.

Take care,

George Raymondo
0 votes Thank Flag Link Tue Mar 22, 2011

Something to consider. With a lower down payment and with using FHA financing the Insurance Payment on the Mortgage you take out is higher every month. Generally speaking FHA charges insurance ranging from $150 -$250+ a month depending on your loan amount. Anyway, this is insurance that protects the lender from your defaulting. Now the more $$$ you put down, the easier it is to work with many more lending institutions which generally have mortgage insurance that is 50% less than the FHA, but as you know you are putting more money into the picture so the "risk" level drops. 18million American's walked away from their mortgages in the last 4 years those that didn't have more money in the game and have chosen that living in the home they fell in love with is worth it. Which i would agree with for the most part.

Here is a blog i wrote about home owner ship...…

Best of luck to you.
ps. don't be in a rush, the market is going to stay low for a long long time...Which is good news for everyone!
Web Reference:
0 votes Thank Flag Link Tue Mar 22, 2011
Hi Kathleen,

Yes, as long as all the other requirements are met, like verifiable income, acceptable property, etc.

Best wishes,

Elva Wormley
Cobalt Financial Corporation
Toll-free (866) 573-3331
0 votes Thank Flag Link Tue Mar 22, 2011
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