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Financing in 27526 : Real Estate Advice

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Activity 2
Fri Mar 25, 2011
Chuck Chrobak answered:
FHA Lenders have expanded their guidelines, please read below.

Borrowers with credit scores of 580 or less would have to put 10 percent down in cash in order to qualify for an FHA loan. (This may not hurt that many people, since few lenders will even grant a loan to borrowers with a credit score of 580 or less at the moment, even though FHA permits it.)

Please also see the link in the web reference.
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Thu Mar 24, 2011
David Jaffe answered:
Hi Lisa,

You should speak with a mortgage professional regarding what you would qualify for (and when). It often takes 7-years or longer to have the bankrupcy erased from your credit report, however you should make every effort to improve your credit score before attempting to purchase a home. Most conventional loans require a 700+ credit score, FHA 650+ to qualify. Keeping your debt to income ratio is also very important...
In general you will need 3 1.2% minimum downpayment for FHA and 5% for conventional

Hope this answers your questions.

Best of luck,

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
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