Home Buying in Champaign>Question Details

mcneal802002, Home Buyer in Champaign, IL

can i get a fha loan with 4% down and a credit score of 650?

Asked by mcneal802002, Champaign, IL Fri Feb 8, 2013

This question was asked from this property: http://www.trulia.com/property/3089875318-2306-Tamarack-Dr-C…

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A lender is, officially, the only one who will be able to approve you and answer all of your financial questions pertinent to the loan you are wishing to get. Most Realtors know much of the information, but prefer you consult with a lender to make sure a thorough check on your financial picture has been done for you. And.....you can't make an offer....or I guess you can....but nothing will be signed until a bank letter approves you as a buyer. Too risky for any seller to accept an offer without bank letter. Based on the property in Southwood that you are interested in....just from looking at that listings information, it appears it would qualify for FHA, but the only way to know for sure is to physically view the property with your Realtor. I have owned a home in Southwood and have also listed and sold properties in that neighborhood so very familiar with the area. If you need further assistance, I would be delighted to help! You can get contact info at my website: http://jennifermclennand.kwrealty.com
1 vote Thank Flag Link Fri Feb 8, 2013

I am a local mortgage broker and would be happy to help you get pre-qualified. FHA only rquires 3.5% down or depending on the home you find it may qualify for the $100.00 down program. We work with over 30 lenders to help you get the best possible financing. Our lenders will go as low as a 580 score on an FHA mortgage.

SMC carries an A+ Better Business Bureau Rating and we have worked in the community for over 15 years! Please call me at 630-478-2684, email or visit my website get started.

Please email me so we can set aside some time to get you prequalified or visit my website to complete the application http://www.smartmortgageinc.com.

I look forward to working with you!

Best regards,

Patty Harrison
Smart Mortgage Centers
patty@smarmtgs.net / http://www.smartmortgageinc.com
0 votes Thank Flag Link Tue Feb 12, 2013
We lend FHA all the way down to a 580 score. That being said, you need to be fully prequalified. Feel free to call me.

Sean Cochran
630-470-6830 office
630-330-2229 cell
0 votes Thank Flag Link Mon Feb 11, 2013
Good afternoon mcneal802002,

Minimum Down Payment for most FHA Lenders (depending on your unique qualifications and the property type) is 3.5%. In addition, most Lenders today require at least a 640 Credit Score for qualifying.

As to whether or not you are qualified, the best person to answer that for you is a Local Mortgage Banker. Mortgage Bankers are Direct Lenders; you'll find a much higher level of service and experience with a Mortgage Banker than with a regular bank. Be sure your Mortgage Banker has at least 15 years experience. Lending is difficult today, and experience truly makes the difference for homebuyers as they navigate the treacherous waters of the loan approval process.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Feb 11, 2013
I know some good contacts in the mortgage broker industry who would be glad to help you. They can answer all your questions and give you all the options you would have. Good luck!
0 votes Thank Flag Link Mon Feb 11, 2013
While you always need to talk directly with a lender to assure pre-approval, you should be able to qualify with those numbers - depending on the property and the amount of the loan. The best thing to do is consult with a Realtor to help determine what you are looking for in a home, and then let them help guide you to some sources of financing.
0 votes Thank Flag Link Fri Feb 8, 2013
Yes. FHA requires 3.5% and, depending upon the lender reviewing your file, your FICO score must be at least 620. Good luck!
0 votes Thank Flag Link Fri Feb 8, 2013
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