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Home Buying in Barboursville : Real Estate Advice

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Activity 5
Thu Nov 21, 2013
answered:
FHA didn't change it's minimum credit score to 580, it's still 500. However between 500-579 you need a 10% down payment.
1 vote 5 answers Share Flag
Wed Apr 24, 2013
Ed Cordle answered:
Typically lenders like for you to be at the same job for at least two years, however, if the new job is in the same field, or a promotion then its ok. For example, an LPN becomes an RN and changes hospitals. Of course a high credit score is the main factor. ... more
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Fri Feb 22, 2013
Tina Lam answered:
With a score lower than 640, financing will be challenging. There are some programs that can work as low as 560, but at 488, you won't be getting a conventional loan.

However, if you have 50% down, you can get private financing for the rest. It'll cost you around 8-14% interest rate.

If you don't have 50% down, then you'll just have to continue saving up aggressively.
... more
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Sun Jan 24, 2010
answered:
Hi Kristien...

I agree with mark. connect with someone to improve credit first, but BEWARE of scams. do your research first. Second don't focus on the co signer at this time since it really doesn't exist. FHA allows for co borrowers but you will still need the fico and employment to qualify. I hope this helps.

I have a Facebook fan page at LoanSquawk that will address these issues as well. Feel free to follow.

Brian
... more
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Thu Jun 25, 2009
answered:
Shannond6,

This is quite common. I assume you are purchasing a home and the bank statement has your moms name on it. Even though she is not cosigning for the mortgage, the bank needs to know that you are allowed access to the funds at all times. Its a silly condition, but an easy one to meet. ... more
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