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Looking for an FHA 203K Streamline or traditional FHA temple terrace fl,

Me and my fiance are first time home buyers looking in Temple Terrace, credit scores EQ 584 TU 630 and fiance TU 621 EQ 613. We have located two homes both foreclosures and Fannie Mae homepath approved. Our combined annual income is 65,000 and we have no outstanding collections or judgments. The home prices are both around 170k and our current debt is minimal, under 5k combined. We need to move quick as out rental lease is nearing its end and we do not want to continue to wast money away on rent. We have 12 month rental history of on time payments of $1400. We currently have 5500 to put down but will have over 15k in Feb. Anyone that thinks they can help please contact me.
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December 01 2013 - Tampa
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Answers (8)

Hello

You are showing only two scores for both of you and there should be three, you need a minmum of 600  middle score for both of you, if both of you want to be on the loan (atleast one of you can qualify on thier own, the one wih the  TU 621 EQ 613,    depending on the income )
You can qualify for an FHA (also VA if applicable) you are going to need to show twleve months of checks for your current property that you are renting(or bank statements )

Also you can do and FHA 203K for both properties,  

pls call me if you are interested. I am a Mortgage Loan Specialist in FL and i can take care of this and give you a Pre Approval so you can start making offers

Thanks

Tom Bawany
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December 07 2013
I think I can help if you are still looking at options.  Call or email
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December 05 2013
Most lenders will require 660 or higher for HomePath Reno.  This is a Conventional product and you will find a lender list on the HomePath site.  If you are going with a HomeStyle Standard (Conventional) Renovation loan your credit score needs to be at least 620 and you need 5% down.  The mortgage insurance premium is much lower on a Conventional product.  Have your lender show you estimates on both Conventional Renovation and FHA Renovation.  Good Luck!
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December 05 2013
There are not many HomePath Renovation Mortgage lenders and now HomePath will require at least 5% down instead of 3.5% with FHA 203K Reno.

Have you contacted a HomePath Renovation Mortgage lender yet?  You can find the list of HomePath Renovation lenders on the HomePath website.

Hope this helps! 
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December 05 2013
Many lenders will be able to help. I can go down to a 600 credit score on FHA 203k loans. If interested, contact me through my profile. Good luck!
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December 03 2013
My name is Steve Abramson and I am a Senior Loan Officer with First Guaranty Mortgage Corporation (FGMC).  We are a nationwide lender headquartered in Tysons Corner Virginia and do have offices nationwide including one in the Tampa area (Lutz).  We are a GinnieMae approved lender which allows us to directly endorse and underwrite FHA, VA, and USDA home loans.  We have loan programs that can lend down to as low as a 530 credit score on an FHA home loan including the FHA 203k.  We have both the FHA 203k Full and FHA 203k Streamline programs for purchase and refinance.  Please give me a call or send me an email and I will be more than glad to assist you to the best of my ability.

Please note that this is not a commitment to lend and all loans are subject to approval.  Loan program terms and conditions are subject to change without notice.  Additional conditions apply.  FGMC is not directly affiliated with a government agency.  We are an equal housing opportunity lender.



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December 03 2013

We offer FHA 203k Streamline loans, and also go down to a 580 credit score. Feel free to contact my through my profile if you need any assistance.

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December 03 2013
It sounds like you're headed in the right direction to be able to purchase a new property.  FHA's 203k Renovation loan is a great product, for the right borrowers.  The same can be said for the Fannie Mae's HomePath program.  However, it sounds like you'll need to get your credit scores up before you'll qualify under current guidelines.  While FHA has the ability to go below the normal 640 credit score threshold, it is rare to find a lender that will underwrite to those specifications; especially on the 203k program. 

The good news is that you have some time to work on your credit.  I'd have to take a first hand look at your report, but in most cases there are a few minor things you can do to increase your scores to be able to purchase in the near future.  If you'd like to have a no cost, no obligation review of your situation and receive some feedback on how to prepare to purchase, please contact me through my profile.

Best of luck!

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December 02 2013
 
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