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Answers (5)
- Dale Snyder, "DaleSnyder"
- Contributions:1002
Well Grasshopper, there is hope of finding an FHA lender that can meet your particular needs. One of the most important things is interview reputable lenders until you both feel comfortable with one.
You need to interview a lender much the same way you interview a real estate agent. Look at the company's/agent's reputation, length of time in business, experience & knowledge of the person you're interviewing.
Remember too, that just because someone has 20 or 30 years experience doesn't always make them the best choice: Asking questions like:
What do they offer, what kind of team do they have backing them up, who are they affiliated with, what kind of consumer feedback/ratings do they carry?
Who will be processing your loan -if you choose their company, do they have a history of complaints either with other consumers or the Division of Mortgage Lending (or equivalent in your state).
They have to earn your business so it's in their best interest to be honest, upfront and open about what they can offer you and your husband regarding your current situation.
Take the time to interview at minimum 3 lenders -better to go with 5 if possible. If you take the time now to choose a good lender, it will save possible headaches and later in the process. Good luck!
You need to interview a lender much the same way you interview a real estate agent. Look at the company's/agent's reputation, length of time in business, experience & knowledge of the person you're interviewing.
Remember too, that just because someone has 20 or 30 years experience doesn't always make them the best choice: Asking questions like:
What do they offer, what kind of team do they have backing them up, who are they affiliated with, what kind of consumer feedback/ratings do they carry?
Who will be processing your loan -if you choose their company, do they have a history of complaints either with other consumers or the Division of Mortgage Lending (or equivalent in your state).
They have to earn your business so it's in their best interest to be honest, upfront and open about what they can offer you and your husband regarding your current situation.
Take the time to interview at minimum 3 lenders -better to go with 5 if possible. If you take the time now to choose a good lender, it will save possible headaches and later in the process. Good luck!
- Eric Vander Werff, "Eric Vander Werff"
- Contributions:5
Hi Grasshopper - I have done several of these transactions in the sub 640 but over 620 range and the rates are only slightly higher than what good or excellent credit will get you. The best part is that if your scores improve while in the loan process, even if you are locked in - you will still be allowed to close at the better rate by providing a newly pulled credit report showing the higher scores. Rates are still fantastic, even below 640 - hope that helps and have a great day!!
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
One thing that might bring your scores up quickly is to see if Discover will do what is often called a "payed for deletion." You would negotiate with them to pay all, or a portion, of that negative account and they would remove it. Just paying it will NOT help your credit. You can read more about PFD's at www.myfico.com and the forum posters there will be very helpful. I've been rebuilding our credit and they have been extraordinarily helpful in raising our lowest score over 80 points in less than 90 days!
- steven stewart, "Steve Stewart Sr"
- Contributions:27
Hi Grasshopper, this is a good question, most lenders have moved to a 640 fico score but there are a few lenders that are 620 and even less like my company that will do 580. If you cant find what you are looking for on zillow call a mortgage broker in your area and ask them if they can do this, I would skip the banks they are not real aggresive. Dont let them pull your credit thou, you dont want to drive your score back down.
Good Luck
Steven Stewart
Good Luck
Steven Stewart
- Candace Camacho, "CandaceCamacho"
- Contributions:420
Hello grasshopper66,
Have you looked on Zillow Mortgage Marketplace for a lender? You can also shop for rates. You can compare and contrast to see what rate works best for you.
Thanks,
Candace
Zillow Customer Support
Have you looked on Zillow Mortgage Marketplace for a lender? You can also shop for rates. You can compare and contrast to see what rate works best for you.
Thanks,
Candace
Zillow Customer Support
FHA lender for 626 median credit score?
Apologies for posting this question twice, but I think I messed up the first time (first time posting a question here).
My husband had excellent credit for years, but had some problems when we lost our home to foreclosure three years ago. His median credit score is 626 and has been at his job for 16 years (although he left for two years and went back about 6 years ago). We have been renting for the last three years and have a perfect payment record with our landlord. We have no car payments. He does have an old collection from Discover on his report from about 4 years ago. He will be applying for the mortgage alone since I recently graduated from trade school and have a low-paying entry-level job and a student loan. We have about 5% to put down and are looking at a home in the $90k - $100k range and are committed to keeping our monthly payment including insurance and taxes at $800 or under. Is there any hope of him finding an FHA lender and if so, any suggestions of which banks/institutions those might be? There are so many lenders out there and we don't want to have to keep applying. Also, what kind of interest rate should he expect to be looking at? Thank you!
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