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Credit Score in 95816 : Real Estate Advice

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Mon Sep 12, 2016
answered:
Hello Sonia, yes you may qualify for FHA from a minimum 500 fico score. Traditionally FHA requires 10% down with fico scores between 500-579 and 3.5% from a minimum 580 fico score up to 417k. Conventional financing requires a minimum 620 fico score to consider the 3% down or 5% down with no MI, (Lender paid MI) or up to 20% down with NO MI.

You may consider the 3%-5% Sapphire Grant Down Payment assistance program which can cover your down payment and closing costs which you can close with minimal out of pocket expenses from a minimum 620 fico score up to 417k.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score. If your fico score is lower then your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

These are full documented loans so you will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
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