Financing in Murrieta>Question Details

m willingham, Home Buyer in 92563

can you use the first time home buyers 20% down payment assisstance program with a 590 mid score?

Asked by m willingham, 92563 Tue Sep 6, 2011

I currently have a 590 mid fico with no foreclosures or bks and I want to know if there are any fha programs that I would qualify for with a 20% down payment assisstance. I am looking for a purchase of $300k. Thank you all in advance for your help.

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No, you cannot use the 20% Riverside county down payment assistance programs with a 590 credit score.

As Jory mentioned, there is a program called the ACCESS program where a select group of lenders can provide 3% down payment assistance using an FHA loan down to 580.

Is it easy to qualify for? Yes and no....with a score below 620, there are some additional criteria you need to meet, but it can be done. Your max DTI ratio will be 43%.....this is what determines how much you qualify for.

If you want to learn more, click on the web reference....my blog has a lot of good info to help. Call me at (951) 215-6119 to discuss how we might be able to get you pre-approved and discus the additional qualifying criteria you need to meet.
1 vote Thank Flag Link Tue Sep 6, 2011
Hello. I'm not 100% sure on this, but I work with a few lenders that can write an FHA loan with a mid score in the 500's. Please reach out to me through my profile and I'll get you their contact info.

All the best!
Web Reference: http://www.ajsocalteam.com
1 vote Thank Flag Link Tue Sep 6, 2011
Good answers below from George and Brad - as usual -

Congratulations on your decision to purchase. It is a great time to buy. Please let me know if we can help you find the right place for you.

Kevin McLaughlin, Broker Owner
Berkshire West Realty
0 votes Thank Flag Link Fri Jan 18, 2013
Hello M Willingham,

The type of loan that you should look into is an FHA loan. Do you have VA benifits available to you?

I would pursue a government loan - In our opinion, these loans would better suit your needs.

Best regards,
Scott and Shelley Weier
Cal State Realty
Website: http://www.CalStateRealty.us
#0117586 / #01217373
C2 Financial Corporation
Office: 951-587-2100
email: Scott@CalStateRealty.us
email: Shelley@CalStateRealty.us
NMLS License # 258707
0 votes Thank Flag Link Thu Jan 17, 2013
I concur with Brad. I have worked with several DPAPs and have yet to find one who doesn't have their own set of guidelines, which include credit score requirements. My suggestion would be take a few weeks and work on your credit. Although you can find financing with a 590 score, if you were to bring it up to 620 it would open up the USDA RDL $0 Down Program for you or the CHF Platinum Program. The USDA program offers many benefits which include easier qualifying, no loan limits, and less stringent property condition requirements than FHA or VA, and you can finance your closing costs. For a Free Credit Consultation or for further information, please feel free to contact me.

Best of Luck!

USDA:
http://www.trulia.com/blog/george_raymondo/2011/03/usda_loan…

CHF Platinum:
http://www.trulia.com/blog/george_raymondo/2011/08/californi…
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Fri Sep 9, 2011
It can be done, but it is a little bit more difficult to get your offers accepted with downpayment assistance since there is FHAs, Conventional and a cash offers out there, they will put you at the last on line.
I have a Buyer's Agent that she specialized in Downpayment assistance Buyers.


Gloria Casillas
Homebase Realty
(951) 662-2638
0 votes Thank Flag Link Wed Sep 7, 2011
The 20% DPA IS SCORELESS but very very few lenders go below 600 on FHA which is the only product that can support the 1st but the answer is essentially yes
Cheryl Sommerville Broker
HomeQuest Properties
951-600-0522
Cheryl@HomeQuest1.com
0 votes Thank Flag Link Tue Sep 6, 2011
Hi M Willingham..YES, please contact Chris Burns at First Mortgage Corp
951-656-9335. They have FHA down to 580 with 3.5 % down.

We are happy to work with you all the way through and beyond! Click my site for great stuff too!

Thank you,

Jory Blake
Keller Williams Realty

951.742.3751
0 votes Thank Flag Link Tue Sep 6, 2011
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