FHA Loan Question

Asked by Deionb, Atlanta, GA Tue Apr 23, 2013

I was wondering how My wife and I would go about applying for a FHA loan. What are the criteria and credit qualifications.

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5
Jen and Mark…, Agent, Holmes Beach, FL
Tue Apr 23, 2013
You've got a great resource with Rodney Mason. He's a frequent contributor here on Trulia.

Rodney Mason
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

He will be able to answer all your finance questions.

Jen and Mark Bowman
Keller Williams Realty
941-840-0117
1 vote
Thanks Jen!
Flag Tue Apr 23, 2013
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Tue Apr 23, 2013
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
K.C. Jones, Mortgage Broker Or Lender, Irving, TX
Tue Apr 23, 2013
We're able to finance FHA (3.5% down) loans with middle credit scores as low as 580.

Please feel free to apply online at http://www.rhlapps.com/kjones or give me a call.

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes
Gregory Pete…, Mortgage Broker Or Lender, Roswell, GA
Tue Apr 23, 2013
Hello Deion,

I am a local Mortgage Banker here in Atlanta and specialize in FHA financing.

I am available to discuss your loan options now.

Call me directly at 770-864-7926.

Thanks,

Greg

Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
gpeters@getevolved.com
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online! http://www.gregoryjpeters.com/
0 votes
Tyler Willis, Agent, Atlanta, GA
Tue Apr 23, 2013
Hi Deion,

Your credit score would have to be between 620 and 640. Along with credit your pay and reoccurring debt is also taken into consideration.

If you would like I can connect you with a great loan officer that I use frequently. Feel free to contact me anytime.

Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Office: (404)541-3500
Direct: (678)656-5524
tylerwillisintown.kwrealty.com
0 votes
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