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Answers (8)
- Clay Branch, "Georgia Loans"
- Contributions:7830
- Steve Felty, "SteveFelty"
- Contributions:396
HollyDave,
I'm downtown St. Peter and can help you.
I'm downtown St. Peter and can help you.
- Clay Branch, "Georgia Loans"
- Contributions:7830
zofnas, that is close but lenders do not average scores, only the middle of 3 or lower of 2 is used. If you had a 660, 618, 615, then the score used is 618, not an average of high/low of 637.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Zofnas,
Error 1 Relying on your realtor for mortgage advice...
FHA did in fact raise the FICO score to 580...prior to that announcement they had no fico requirement. The issue is finding a lender that does not have a credit overlay, requireing a higher mid Fico..not average.
Holly why do you need to buy a home today?
Error 1 Relying on your realtor for mortgage advice...
FHA did in fact raise the FICO score to 580...prior to that announcement they had no fico requirement. The issue is finding a lender that does not have a credit overlay, requireing a higher mid Fico..not average.
Holly why do you need to buy a home today?
- zofnas1231
- Contributions:16
FYI, My realtor just sent me their monthly newsletter and it stated this:
In January, the Federal Housing Administration announced a set of policy changes intended to strengthen its capital reserves. While the changes help FHA better manage its risk, they also have the effect of making FHA mortgages more expensive. That may make it more difficult for some buyers to afford a home.
The announced changes are:
In January, the Federal Housing Administration announced a set of policy changes intended to strengthen its capital reserves. While the changes help FHA better manage its risk, they also have the effect of making FHA mortgages more expensive. That may make it more difficult for some buyers to afford a home.
The announced changes are:
- Mortgage insurance premiums will be increased to 2.25%. This will go into effect in the spring.
- New borrowers will need a FICO score of 580 to qualify for FHA's 3.5% down payment program. Borrowers with less than a 580 will have to put down at least 10%. This will go into effect in the early summer.
- Allowable seller concessions will be reduced from 6% to 3%, effective in the early summer.
Contact a lender...I am sure it is very possible with a 580; however, the 580 must be your FICO and not what you see with just one report....they take your highest and lowest of the 3 and then average to egt your FICO. I would try to get it up to at least 600 though for a better rate!
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Good luck to you :)
- David Nezri, "Direct Lender"
- Contributions:265
Submit a loan request on Zillow.
- Michael Emery, "MikeEmery"
- Contributions:7283
Need to find a lender that will do a first time home buyer with a low score around 580
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