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?
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
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.
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
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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