FYI there is a new program with some lenders that requires just .5% down for FHA loans is available to certain borrowers.
Fixed interest rate on a 30-year FHA loan, basically 2 loans one for 96.5 and one for 3%. If you want a referral to a lender that offers this with a 580 score
Let me know if you have any questions about the home buying process or if you would like a referral to a great lender.
Realty ONE Group
Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Nina H. Penny
Nina Penny Mortgages
The restrictions are tiered based on exact middle credit score.
Such as documenting past housing expenses.
Reduced income and outgo ratios
Down payment can not be a gifted
If you are interested in specifically what those other restrictions might be please contact me.
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993 American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
BK # 0910057 NMLS LO ID # 284875
With a score that low you are pretty much pigeon-holed into FHA. Conventional financing only goes down to 620.
My company has great rates and we can do FHA as low as 600, so if you can get those scores up I'd love to help you.
Best of luck!
Give me a call right now, and I will get you in touch with Gordon Goosen with Pilot Mortgage. He has so many different options for you.
Once you get that pre approval, I can help you find your next home as well.
Looking forward to hearing from you,