I'm by no means an expert, but from my recent experience, an FHA loan would be a great option for you! I just got approved for one. They will finance you up to 97% LTV, and with your price range and down payment, it sounds like you have the funds for the 3% down needed (although there are other ways of obtaining that or closing cost assistance as well) and there are no income restrictions. I believe you need a 620 credit score and as far as my broker told me, they throw out your high and low scores, so it looks like you just may have made it. But I urge you to do what I did, sit down and talk with an FHA approved lender and weigh all your options. Mine truly helped me figure out what was the best option for me!
thanks for your replies! I just called Marlena, she is so nice and really took the time to answer my questions! Next step, loan application! :) - Wed Apr 16 2008, 14:49
A little more info: I have approx. $10,000 saved with access to more in my 401k, I'm within the earning guidelines for moderate incom, and I have absolutely no debt. I don't know my latest fico scores since paying off everything (credit cards and auto loan), but I'm guessing mid to high 600 range. Any help is appreciated! - Wed Apr 16 2008, 13:22
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