Home Buying in Bensalem>Question Details

Lauren, Other/Just Looking in Somerton, Philadelphia...

What are the credit requirements for a FHA loan, and do all lenders approve sellers assist?

Asked by Lauren, Somerton, Philadelphia, PA Sat Oct 20, 2012

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The others have given you good advice. You can go to http://www.hud.gov and look up lenders and call a few and ask. There are other resources for home buyers on the web site. I just sold a home in Somerton and had to talk to several lenders till I found a lender who could lend money .
You can look up listings of homes for sale in Bensalem on http://www.gitabantwal.com
0 votes Thank Flag Link Sun Nov 18, 2012
Hello Lauren,

According to FHA guidelines a borrower must have a credit score of above 500. However I do not know of any lender in this day that allows down to that low. The lowest I have is for a 560 credit score with 10% down, a 580 credit score with 5% down and a 600 credit score with 3.5% down.

Most other lenders have guidelines of 620 or 640 for a minimum score

FHA allows for up to a 6% seller assist. Thery also require that you make a 3.5% down payment. It can be in the form of a gift, grant or other loan, but it cannot come from the seller.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Mon Oct 22, 2012
I have a mortgage company that has programs that will allow for below a 600 credit score.

Let me know if you want the help and we will put them in touch with you. Just email us at info@myhurstteam.com and we will get you taken care of.

With regards to sellers assist, there SE varying sellers assistance depending on the lender program you qualify for. 6% is generally the amount for FHA.

If you want more info see the web link below. Or if you prefer to speak in person you can call us at 215-356-3941


Regards,
Alicia & Joe Hurst
215-356-3941
Info@myhurstteam.com
Office:215-355-5565
HomeStarr Realty
0 votes Thank Flag Link Sat Oct 20, 2012
Carol is right. Requirements for credit to vary from lender to lender.

Sellers can contribute up to 6% of the purchase price to cover buyer closing costs, however the buyer MUST contribute the down payment themselves. That money cannot come from the seller.

I work with a few lenders that have lower requirements for FHA loans, and would be happy to help in any way that I can towards the purchase of your first home.

Joshua Stein, REALTOR®
Coldwell Banker Preferred - Conshohocken
jstein@cbpref.com
Office:(610) 828-9558 * Cell:(215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894
PA License #RS317975

If you know anyone who needs help buying, selling or renting in the next 90 days, give me a call so I can help them meet all of their real estate goals.
0 votes Thank Flag Link Sat Oct 20, 2012
Credit requirements vary from lender to lender. You can go as low as around 600 with a PHFA-FHA. I also believe that if you put more money down you can be in the high 500's.

Also, the 6% seller assist is an FHA guideline so all lenders honor it.

Good luck,

Carol Cei, ePRO, Realtor
ReMax Platinum Club and Hall of Fame
5 Star Professional
ReMax Action Realty
215.643.9661
Carolcei@remax.net
Web Reference: http://Www.carolcei.com
0 votes Thank Flag Link Sat Oct 20, 2012
thanks for the response, do lenders have the same closing cost and if not what lender has the lowest closing cost?
Flag Sat Oct 20, 2012
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