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My lovely wife wants a certain house the last asking price was 145,000, it is now off the market due to non-selling. We really want this home bad. She crys for it, I need to get it. But my score is slowly creeping up to 580 it is at 577. How can I get approave for a FHA loan and also see if the owners would be willing to pay closing and appraisal costs. The zestimate is 133,000. Can we also try to getthe appraisal price instead?
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Wells Fargo announced a few months ago that - under certain condtions -they would do FHA loans down to a 500-579 score with at least 10% down, 580-599 score with at least 5% down and 600 or above standard 3.5% down.Zestimates may or may not be good indicators of value. Working with an experienced buyer agent/REALTOR to guide you about value and making any offer would be in your best interest.Under no circumstances am I aware of any program that will allow you to borrow money above the sale price regardless of what the appraised value comes in at.Good luck.
All lenders now require a credit score of 620 to 640 to credit qualify for an FHA loan. You need to get with a good lender who can guide you through the process on what you need to do to get your credit score up. You can go to myfico.com and run a simulator to see what might need to be done to get you there. Best wishes!
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