Answers (9)
- Candace Camacho Soufi, "Candace Soufi"
- Contributions:593
Hi Robert, Take a look at this link: http://www.zillow.com/fha-loan/ Thanks, Candace Zillow Customer Support
- Isabel Lopez, Tahs, "Isabel Lopez"
- Contributions:3
In most intances FHA works with credit scores of 580, and 3.5% as down payment.
- KKSka14
- Contributions:65
I'm not hawking any product on here, but there is a nationally renowned credit expert that I send all my clients to who have poor credit. She has written a popular book on credit and is a national speaker who commands middle 5-figure fees to speak at conferences. I send all my clients to her and she has not failed me once. If interested you can shoot me an email. I'd be happy to give you her name/contact. I'm not even licensed to do business in Texas so there's no benefit to me other than--well, I don't know. I honeslty don't even know why I give advice on here.
- RobertMP
- Contributions:3
Thanks to all who responded! In a nutshell, my credit is poor due to a defaulted student loan that went into default while I was unemployed (and I had used up all available "unemployment deferrment" time). Kinda hard to pay on $200k of consolidated loans (just mine) with zero income. The student loan will be repaid via garnishment over a very long time period. We had a foreclosure in Dec 2009 as well due to my unemployment. Things have changed and employment is not an issue now -- just residual poor credit scores. I will pull my three scores and look into the secured credit card approach to increase my scores. Otherwise, all bills are being paid on time, we have no credit card debt, and our car will be paid off next year. With more than $120k gross annual family income (now) and taking steps to improve the fico score we should be ready to buy a house this fall. I will keep all the responses so I will have the lenders/agents who were kind enough to help answer my question. Dealing with credit scores and shopping for a good 30-year fixed mortgage is quite an undertaking. Thanks again!!
- Kile Properties, "KileProperties"
- Contributions:43
3.5% if the normal down payment for FHA. Call a few lenders to see where you stand on creditworthiness.
- Tom Burris, "DallasLoanGuy"
- Contributions:193
Define bad credit. 3.5% down for almost anyone.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2444
I can tell you that even with 20% plus down, virtually no debt, 17 years on the job, and excellent incone we couldn't get approved. I was advised to go to www.myfico.com and to read and learn about increasing credit scores.I took some of the actions they recommended. And a local lender also told me to get a couple of secured credit cards and we borrowed against a CD. Our lowest score has gone up over 80 points in two months. The folks on the forums at myfico have been very helpful. Good luck!
- KKSka14
- Contributions:65
FHA guidelines are 3.5% down to 580 credit score. However, investor overlays have made it where it's very difficult to obtain an FHA loan with a score under 640. My group will do an FHA portfolio loan to a 620 credit score with 10% down. So each lender will have its own overlays that will determine down payment based on credit score. Call a local lender.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2444
What does bad credit mean, as in what are your scores and how did they get that way?
How much of a down payment is required for FHA mortgage with bad credit?
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