Financing in Conroe>Question Details

Tammybarber81,  in Willis, TX

can you still get into a house with a score of 513?

Asked by Tammybarber81, Willis, TX Mon May 23, 2011

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Gregorio Denny’s answer
"One lender that will do 95% LTV for 560 with conditions. "

I would love for you to share who this lender is that will do 95% LTV with a 560 credit score.
FHA won't insure it. It does not conform to Fannie or Freddie and anyone doing hard money would laugh at 5% down. It can be done with VA financing but I didn't see them say anything about being a vet.

Care to share?
0 votes Thank Flag Link Mon Jun 20, 2011
I do have lenders that will do the 96.5% LTV for 580 FICO. One lender that will do 95% LTV for 560 with conditions.
One lender that says they will do 500 My advice would be to get the pre-approval before looking for a house.
Sera M. Smith
Loan Officer
Bluesky Lending
0 votes Thank Flag Link Mon Jun 20, 2011
Hi, Tammy. Short answer: No.
0 votes Thank Flag Link Mon Jun 20, 2011
As you right now you will not be able to get a loan. Our lowest fico score that we work with is a 580. You do get improved pricing once you get to 600 with us. Once you get you score up feel free to contact me so we can discuss the different options that are out there for you. Also if you need help in fixing your credit contact me and I can refer to a company that we work with for our clients.
Web Reference:
0 votes Thank Flag Link Mon Jun 20, 2011

While I haven't seen a program down to 500 FICO personally that doesn't mean that its not out there. Based upon the universe of Lenders I work with, I am in agreement with Henry below in that 580 FICO is the lowest I see with a 95% Loan to Value (LTV) FHA program. Otherwise, the universe of available products starts to increase when you get to a 600 FICO for FHA loan product up to 96.5% LTV.

I also agree that your loan pricing will improve when you get to a 640 FICO score.

If you don't mind paying a higher interest rate, that what you looking at until you can get up to at least a 640 FICO.

Good luck.
0 votes Thank Flag Link Tue May 24, 2011
580 is current credit score-However, sometimes it does not take much to reach that score, with some advice from lenders to correct issues Thanks for asking
0 votes Thank Flag Link Tue May 24, 2011
I have one lender who says that they will go down to 500 for an FHA loan with 10% down. No collections over $5000 and none within the last 24 months. Must have 12 months cancelled checks or proof of rent by a property management company. They are looking for people who have had life changing circumstances, such as job loss or illness and are now in the recovery.
It would be hard and you would have to have several compensating factors to go that low. I would also go with a pre-approval from the lender before a contract is involved.
Sera M. Smith
Loan Officer
NMLS #354776
Bluesky Lending
0 votes Thank Flag Link Mon May 23, 2011
Hi Tammy,
Currently there are no programs that would allow you to obtain a home loan below 580 FICO score. However many will tell you that you can get pre approved down to 500. To obtain the best financing, most options, lowest fees and programs you'll want to have a 640 FICO score. Once you go below that many options, including many 100% programs and down payment assistance programs are not available. Since you are in Willis I'd be delighted to meet with you and go over the options, down payment requirements at the FICOs below 640.

Henry Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach
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0 votes Thank Flag Link Mon May 23, 2011
If you are an agent as stated under your name, consult with your broker owner with any questions you may have-- there are other factors besides credit that determine mortgage qualification, therefore consider visiting with any qualified loan officer, after reviewing your overall financials, credit, debt, etc., a determination on qualification can be made, the type of loan, how much, how much down, etc.; if you don't yet qualify your loan officer may offer great suggestions as to what needs to be done in order to qualify in the near future.
0 votes Thank Flag Link Mon May 23, 2011
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