Asked by Michael Lavelle, Douglasville, GA • Thu Dec 27, 2012
Currently, the house we are renting is being offered to us for sale. Its being offered below market value, as the home owner just wants to retire. should appraise at 50k or more & we will buy it for 35k.
Our scores are below 620 but I know we fall within FHA guide lines from what I have read. (Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV".) We can have a co-signer but people say that doesn't help in this situation. We can easily afford the house since our rent is much higher then the mortgage would be. Is there anything we can do?
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