you will need a 620 score though. if you are below that, go get a secured credit
cqrd for $300, charge 100 on it and pay 90 of it off. do that for 2 months and
you should get 20 points for that.
Having $5,000 saved for a down payment is a great start in that area. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
With a low down payment, look for a area that qualifies for USDA ( no down).
Closing costs can be paid by the seller or added to purchase price as long as you are buying the property a bit under appraisal value. If not youll have to go FHA with 3.5% down.
I have some awesome short sales in Fayetteville / I-85 area if youre looking that way.
for loan approval call Anthony Rice at Academy mortgage 770.634.7087, tell him marcus sent you.
hes excellent at credit repair to get you to a 640.
Feel free to contact me directly if I can answer any other questions.