Home Buying in Los Angeles>Question Details

Aaron, Home Buyer in Los Angeles, CA

Im wondering if I can get an FHA loan

Asked by Aaron, Los Angeles, CA Sun Aug 3, 2008

I make about $56,000 a year. I have a $400 car payment and $70 dollars in other installment accounts. I dont have much cash in reserve but I do have money in a 401(k) and 457 plan through my job. I have a signed purchase contract for a condo in Los Angeles for $185,000. I have the money for 3% down and the seller is contruibiting $5,000 towards closing costs. My middle fico score is 623. Is it possible? I dont believe I could get a conventional loan but aren't fha's easier on credit requirements? Also how fast can one close, time is stretched thin (had a little problem with my last lender). I would like to deal with a good lender how could help fast. Thanks for advice!

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9
Hi Aaron,

You might want to move a little quicker because of your time line. Call Nancy Everett at 818.755-1000 - she's phenomenal!

Good Luck on your new home.

Best,
Yona Bello
Web Reference: http://www.YonaBello.com
0 votes Thank Flag Link Thu Aug 7, 2008
send me your eamil and I'll have a excellent lender check it out
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Mon Aug 4, 2008
As a real estate professional, mortgage lenders have been saying to me that there is no minimum credit score requirement for an FHA loan but that they still look at credit history to determine repayment ability. They focus greatly on job history in the last 2 years. Currently FHA loans can go as low as 3% down, but on the bill just signed 7/30/08 by President Bush this could rise to 3.5%. Contact a mortgage lender in your area right away...good luck!
0 votes Thank Flag Link Mon Aug 4, 2008
Aaron:

I work with a lender in the Los Angeles area. He got a client approved for me and was ready to draw documents for an FHA loan in 72 hours. If that is fast enough for you, then contact me through my profile and I will be happy to forward the referral and his one page client information form that he will need to tell you if you qualify. Looking at your numbers it might be tight, but if anyone can do it, Chris can do it. He has worked this type of miracle for other realtors I know. I found him through a referral from one of them.

Congratulations on moving into the home owning world and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Mon Aug 4, 2008
Get a referral for a mortgage loan officer to meet with. Its actually a good idea to get pre-approved for a mortgage before shopping for a home. However, having a down payment is a plus and your score is prob within the range given you dont have any lates in the last 12 months. there are many other factors that will have to be reviewed by a loan officer. And yes, FHA is a little easier on requirements than conventional. Depending where you live, you may have to put much more than 3% down on a conventional loan, and the score is questionalble for conventiional--but again a loan officer would have to review ALL your criteria.
0 votes Thank Flag Link Sun Aug 3, 2008
man, you got a done deal? get yo ass on the phone and hook that loan up! Now ain't the time for the party line.
0 votes Thank Flag Link Sun Aug 3, 2008
There are many variables in determining whether or not an FHA loan is feasible for you. or any loan for that matter. I certainly believe you can get an FHA loan given the information presented so far.

Check out my info website: http://www.westside-realestate.info There is some information there about FHA loans as well as a contact lender who can do the loan for you.

Good luck!
0 votes Thank Flag Link Sun Aug 3, 2008
I have a great lender who can answer all of your questions. he works for Chase Manhattan but he can get you a good loan practically anywhere. His name is Victor Samaan and you can email him at Victor.W.Samaan@chase.com. he's been in the business for a long time and he's very good at it. Email him and if you want his direct number contact me through my profile. You'll be happy you did so. Good Luck!!!
0 votes Thank Flag Link Sun Aug 3, 2008
Most closing take approx. 30 -45 days with a lender once the executed contract is sent to their attention. However it appears by your authored statements you located a home without lender approval. A 623 credit score can be either or if you can obtain a loan depends on debt ratio, bank statements, tax returns, few other factors.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Aug 3, 2008
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