Home Buying in Upton>Question Details

Robert D Hug…, Real Estate Pro in Devon, PA

Need suggestions please for a prospect needing a mortgage with score of 575. $150,000 SP, $6,000 down payment, 10 years same job, are Medical reasons.

Asked by Robert D Hughes, Devon, PA Tue Jan 31, 2012

My mortgage sources are indicating they won't accept anything under 600 for FHA. Who in this forum can offer some good credible suggestions for this person?

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Answers

5
Thanks for all responses. Forwarded Alan and John's contact info to the prospect. Hope he contacts you?

Rob
0 votes Thank Flag Link Wed Feb 1, 2012
Rob,
I'd need a 620 minimum and likely a 640. I''d have your client get with a good loan officer and or credit guy to improve the score asap. It sounds like Alan may be able to help. Good luck!
Chad
0 votes Thank Flag Link Wed Feb 1, 2012
Bob,

I do scores down to 560 with 10% down and we can use a non occupant coborrower,
3..5% down for a 580 score but I do need 4 months reserves (401K?)

A little credit clean up should not be too difficult either. Not sure if this helps your client.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Wed Feb 1, 2012
Yes the USDA loan program is excellent. You should find a USDA broker for PA. I have a few if you need help. Try this one:


Ken Hoshauer
Residential Mortgage Banker, EPANJ - Lancaster
NMLS ID: 783542
Susquehanna Bank
9 E Main St, Lititz, PA 17543-7000 | Mailcode: 001
Tel: 717.625.6661 | Fax: 717.625.6847 | Cell: 717.419.6525
Ken.Hoshauer@susquehanna.net | Web: http://www.susquehanna.net
0 votes Thank Flag Link Tue Jan 31, 2012
Thanks John. Any contact people you can recommend?

Rob

robsellsre@verizon.net
0 votes Thank Flag Link Tue Jan 31, 2012
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