Based on the limited information that you have given, financing will be difficult for you for a variety of reasons.
- The maximum loan amount in Metro Atlanta for the FHA 203(k) Renovation mortgage is $346,250. It will require a 3.5% minimum down payment and a 640+ minimum credit score.
- The maximum loan amount in Metro Atlanta for the Fannie Mae HomeStyle Renovation mortgage is $417,000. It will require a 5% minimum down payment and a 660+ minimum credit score.
- Fannie Mae loans, such as the HomeStyle program, do not allow Co-Signers who will not be occupying the home to be used for additional qualifying income.
A $500K sales price seems to be a stretch for you based on your current credit score.
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
If you are looking to purchase a property, 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 mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.