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Sylacauga : Real Estate Advice

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  • Home Buying3
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Activity 7
Sun Jul 20, 2014
Scott Godzyk answered:
It is unlikely. Most investors these days buy, fix and sell the properties. They like to turn their money quickly. You can try some local agents who work with local investors to see though. ... more
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Tue Jun 24, 2014
Laura Chattin asked:
Sat Oct 9, 2010
Monir Mamoun answered:
Hi Barbara, best "decent" rates are at 620+. But FHA guidelines just changed -- I got two relevant things for you to read -- this is a blog excerpt from Bill Zielinski...

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The FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010.

* To be eligible for maximum financing, borrowers will need a minimum credit score of 580 or higher.
* Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction.
* All borrowers with a credit score below 500 will not be eligible for FHA-insured mortgage financing.

HUD’s newly introduced minimum credit score and loan to value requirements will apply to all single family loan programs, except for Reverse Mortgages (Home Equity Conversion Mortgages) and Hope for Homeowners.

The new credit requirements are not expected to dramatically change the number of FHA mortgage approvals. Most lenders had already imposed a minimum credit score requirement of 640 or higher for FHA borrowers. In limited cases, borrowers with scores between 620 and 639 could still obtain mortgage approval.

Many potential FHA borrowers with scores below 640 who cannot obtain mortgage approval may be left wondering why this is the case if the FHA has established a minimum score of only 580. The explanation for this is that the FHA does not make mortgage loans but rather insures FHA loans made by lenders. Despite the FHA insurance, banks do not have an iron clad protection from loss.

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... rest of that blog at http://seekingalpha.com/article/223956-the-fha-s-new-minimum-credit-score-requirement-won-t-change-much


And I wrote a 10 part blog called "Top 10 Credit Myths" which is good..

http://www.trulia.com/blog/monirmamoun/2010/10/top_10_credit_myths
... more
0 votes 7 answers Share Flag
Sun Aug 29, 2010
Jeanne Feenick answered:
Agree, agree, agree - you need to speak to an attorney to understand what you have signed and be sure that it protects you if in fact the seller dies prior to close.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
... more
1 vote 4 answers Share Flag
Sun Jan 3, 2010
Al Akerman answered:
Angie, your middle score is what the banks will look at.

It might not make much sense, but if your scores are 620, 720 and 721, then you are considered a 720.

If your middle FICO is over 620 then you should have no problem getting an FHA loan as long as you have a good work history and downpayment money in the bank.

The bank might make you payoff your collections and judgements but it sounds like you've already taken care of that.

Look for any FHA approved lender in your area and you should be fine as far as financing goes.

Here is a link to follow for an FHA lender in your area http://www.hud.gov/ll/code/llslcrit.cfm .

Hope this was helpful.

Good luck.
... more
0 votes 1 answer Share Flag
Mon Apr 14, 2008
Dan Therrell answered:
Hello Kelly,

Go see a local mortgage lender. They can help you get your credit score up, and advise you of any financing that is currently availalbe.

Dan Therrell
Dauphin Realty
Fairhope, AL
... more
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