Home Buying in West Covina>Question Details

Nidbec, Home Buyer in West Covina, CA

WHERE DOES MY CREDIT SCORE NEED TO BE SO I CAN BE CONSIDERED TO PURCHASE A HOME? I HAVE THE INCOME!

Asked by Nidbec, West Covina, CA Mon Aug 22, 2011

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Minimum 500-579 fico score requires 10% down FHA 30 year fixed, minimum 580+ qualifies for only 1/2% down FHA 30 year fixed 3%-4% range, (yes only $500 down per $100k purchase price). Minimum 620 fico score qualifies for the USDA Rural zero down for purchase of homes in rural, unincorported areas of city limits. The half percent down is for anywhere in California. Veterans can get VA no no or CAL-Vet which are not fico score oriented. You can also obtain FHA financing without any fico scores at all with alternative credit such as utilities, car insurance, rent, etc. What are you waiting for with rates and home prices at an all time low.
You Have Nothing to Lose and EQUITY to GAIN! At your service, Get approved and buy today.

http://www.FrankandSheryl.com
http://www.Under640FicoScoreLoans.com
Sheryl Arndt, Broker
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Mon Sep 10, 2012
You can get an FHA loan with a 500 fico score with 10% down. We have closed deals with large banks, direct lenders and brokers. they all have different guidelines and different programs. We can refer you to our lenders to see your best options. Good luck!
0 votes Thank Flag Link Sun Sep 18, 2011
Hello dear buyer
If you have not get in touch with a lender by this time, I do have a prefer lender that she will be able to help you out with your questions, this is a very good time to purchase your home, with the lowest interest rate in history.
send me an email and I will be more than happy to send you her email, phone number so we can help you get closer to your goal of owning your home....
ruthfeast@yahoo.com, 626-674-0847

Ruth E Feast
The Feast Team
with Keller Williams REalty
0 votes Thank Flag Link Sat Sep 10, 2011
Thank you for the quick response. Tthe inforamation you have provided has really helped me and i will use it as well.
0 votes Thank Flag Link Mon Aug 22, 2011
Good day, most lenders are working on a 620-640 minimum score these days. That being said, there are an ever growing number of lenders who are advertising lower scores with higher costs. FHA will, in fact, go down to 500; however, individual lender and investor overlays restrict the vast majority of lenders from working with scores this low.

So, the point is...you might be able to get it done; but the question remains why would you? Or, should you? Any variance to the "model" loan will result in higher rates and fees. Essentially, lower score loans are the new "sub prime" market and the charges are hefty. If the market was hot, or even heating up, it might make sense to bite the bullet and pay higher rates and fees. However, that is not the case. Prices are lanquishing and rates are certainly not voliatile at this point.

Why not work on your credit to get your scores up before buying. And I am not talking about paying a credit repair company. An indepth conversation with a mortgage professional will probably give you all the direction you need to get your scores in great position to buy in as little as a few months. I have helped many consumers through the years and the results are happy home owners with reasonable payments. Would love to answer any questions specific to your situation. All my best,
0 votes Thank Flag Link Mon Aug 22, 2011
The only way to truely know if you can or can not get a mortgage is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog for advice and tips on getting a mortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Aug 22, 2011
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