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Can I recieve a Loan with a low down payment?

I have a credit score of right at 620 and have little money for a down payment. Can I receive an FHA loan that will allow me to purchase a house at right around $90,000 and still be able to put little money down (3.5% which FHA requires)?
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October 30 2013 - US
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Answers (7)

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If your finances are in place, then yes it is possible. As you know an FHA only requires 3.5% down which is relatively low. You should also have money set aside for closing costs as well. Your credit score should also work since the lowest people have been able to give out FHA loans for has been as low as 580 and sometimes lower. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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October 31 2013
FHA requires only 3.5% down payment. However, it does not rely on credit score alone to determine if you qualify for a loan. FHA will also look on your credit history to decide that you will repay the mortgage.
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October 31 2013
Yes, you can do FHA with 3.5% down with down to a 580 credit score.

Also, with USDA, if the property qualifies and you are with in the income requirements, you can do 100% financing as well.

If you have questions, contact me through my profile and good luck!
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October 30 2013
Yes FHA should be an option
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October 30 2013
If you are a veteran you can use your VA Loan benefits and place 0% down if you wish.  
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October 30 2013
Yes.  Some lenders will go down to or below 620.  There are other factors to consider, however, you can be eligible for an FHA loan.  You need to find a lender that does not have the overlay that keeps the credit score at 640.

Good Luck!
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October 30 2013
As long as you qualify and the property appraises for the purchase price, then there are other options such as seller concessions, and premium financing to offset closing and other settlement costs.
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October 30 2013
 
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