Sk, Home Buyer in Orange County, CA

Can I get a mortgage loan with fair credit (640-653). I am pre approved through FHA but the unit I am interested in is not FHA Approved.

Asked by Sk, Orange County, CA Mon Jul 23, 2012

I am currently pre approved through FHA. The listing I am interested in South coast Metro area doesnt allow FHA financing, however i liked the unit so I put an offer with 5% down which was accepted at $130K
I want to know what my options are as far as financing. I have a steady income and have saved 5% down payment but my credit took a hit few years ago (divorce).
I am a First Time Home Buyer. Are there any programs outside of FHA that i can apply for, that will still give me good rates and accept my credit score?

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Answers

8
Jessica Bate…, Agent, Beverly Hills, CA
Sun Sep 29, 2013
You can get a conventional loan with a 620 credit score with 3% down.. Check out The Lenders Network they can refer you to a Lender in CA that offers the conventional 97 program.
7 votes
Gregorio Den…, , San Diego, CA
Mon Jul 23, 2012
Patrick says:

"Your credit scrore is not bad and certainly does NOT exclude you from considering conventional financing since you have the minimum of 5% down. "

"The minimum score is 620 and it sounds like you are well above that."

Which is untrue and exactly why agents should not give mortgage advice. Conforming financing requires a 660 credit score to get financing above 75% LTV. Credit scores as low as 620 are allowed conventionally but only at LTVs of less than or equal to 75%.

View the eligibility matrix for details: https://www.efanniemae.com/sf/refmaterials/eligibility/pdf/e…
1 vote
Erica Galli, Agent, Irvine, CA
Fri Oct 11, 2013
I am a REALTOR who works hand in hand with a Lender that provides the California Home Buyers Down Payment Assistance Program which can be used with the conventional 97. This is a conventional loan with 3% down. The CHDAP will cover the 3% down. The down payment is deferred until sell your home. Let me know if you are interested call or text (714)-248-2036.
0 votes
Nicole Fedor…, Agent, Santa Ana, CA
Mon Sep 16, 2013
The best thing to do is speak with a reputable lender, as each situation is different. There are some new programs out there that can assist you.
I work with a network of lenders; please let me know if you would like a referral.
Thanks!
Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
0 votes
Jovan Simon, , Santa Ana, CA
Sat Jul 28, 2012
Hey SK,

Give me a call and lets see what we can do for you to get the financing you need to get into this home.

Jovan Simon
Account Manager
In House Lender
714-619-3172
jsimon@inhouselender.com
http://www.inhouselender.com
0 votes
Jillian Turn…, Agent, Santa Ana, CA
Thu Jul 26, 2012
Jillian Turner
DRE License: 01903587
Agent Direct Phone: 562.252.5200
Coldwell Banker Pioneer - Orange County
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Tue Jul 24, 2012
I have a question for you instead of an answer. What is your exit strategy? Most buyers focus solely on the purchase, if you are having trouble getting in, how much harder do you think it will be getting out? Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Patrick Fiel…, Agent, Plano, TX
Mon Jul 23, 2012
SK,

Your credit scrore is not bad and certainly does NOT exclude you from considering conventional financing since you have the minimum of 5% down. Talk to you lender and let them know you want to switch to a conventional loan. The minimum score is 620 and it sounds like you are well above that. If you have the income (debt to income ratio ratio) you should have no problem at all.
0 votes
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