Financing in 30141>Question Details

Shiloh Morgan, Home Seller in Powder Springs, GA

What is the going credit score required now for 100% financing in Georgia, and how far do you have to?

Asked by Shiloh Morgan, Powder Springs, GA Wed Mar 26, 2008

removed from a Bankruptcy to apply for an FHA loan. Does anybody know?

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No 100% financing... You can go 97% with FHA or even conventional with borrower paid PMI. If you go 5% down with seller concessions then you can get lender paid MI for a slight hit to the rate.

As with regards to BK's... Out of 7 is over 2 years unless an Accept or Approve response is received from the Total Scorecard. Ch 13 is 1 year with approval.

Hardships are considered...

Borrowers with a previous foreclosure will not be eligible for FHA financing if the foreclosure occurred within the past three years, unless an Accept or Approve response is received from the Total Scorecard.
1 vote Thank Flag Link Thu Mar 27, 2008

I am not sure you are going to find any more 100% loans with a Conventional Bank. I work with SunTrust and they just did away with their program this past week.

As far as FHA Loans, they do accept less than perfect credit and it depends on what kind of bankruptcy. Chapter 7 vs Chapter 11.

What I would like you to check out is, they are a non-profit organization that counsels clients on purchasing a home. This is a great program and my clients have had great success with it. It will take you about 3 - 5 months maybe more depending on your situation. They do character based lending. Funds come from Bank of America.

Check it out and let me know what you think and if you are looking for an agent to assist you I would be more than happy to get you registered for the next naca workshop.

Good Luck in whatever path you take!
1 vote Thank Flag Link Wed Mar 26, 2008
100% conventional financing is evaporated because the PMI companies have withdrawn. The only 100% programs available are VA and the gift programs like Ameriadeam, Nehamiah and Genesis.
1 vote Thank Flag Link Wed Mar 26, 2008
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