Asked by Aaron, Los Angeles, CA • Sun Aug 3, 2008
I make about $56,000 a year. I have a $400 car payment and $70 dollars in other installment accounts. I dont have much cash in reserve but I do have money in a 401(k) and 457 plan through my job. I have a signed purchase contract for a condo in Los Angeles for $185,000. I have the money for 3% down and the seller is contruibiting $5,000 towards closing costs. My middle fico score is 623. Is it possible? I dont believe I could get a conventional loan but aren't fha's easier on credit requirements? Also how fast can one close, time is stretched thin (had a little problem with my last lender). I would like to deal with a good lender how could help fast. Thanks for advice!
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