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are there any loans besides FHA doing 30 year fixed for scores at 620-680? need a 325-335k LOAN.

Is there any lenders doing 30 year fixed with smaller down payments and scores that are not perfect? 620-660 fico's? I cannot find a house thats under the new FHA Lending limits in the area I want to buy in. Need a mortgage of about 315K to 335K with a 5% down
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April 12 2010 - Wake Forest
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Answers (6)

Ignore List Prices. Hire a Good Realtor. Get an APPROVAL LETTER for your maximum purchase price, and use this as the basis for your offer on a home.

A local builder made a reverse-offer to a client today with a $50,000 Price Reduction on a listed property. It was out of my client's budget, I explained my client's budget to the builder, and a few hours later the builder called back with his final lowest offer.
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May 10 2010

Most lenders will require 680 or 700 credit scores to qualify for conventional financing with 5% down.   The only other program that would permit 5% down or less with those credit scores would be a VA loan.

Otherwise, FHA will be the way to go.  You are so close.  As others said, you can go up to 310k.  Downsize slightly or possibly come up with additional money?  You can use a gift from a family member to help out.

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April 12 2010
Agree with Erez but since you are putting down 5% then you can go up to a sales price of $310K. Also look into any new subdivisions that are offering large sales concessions, and instead of taking the concessions, lower the sales price. If you see a new subdivision with only 2 or 3 homes left to sell, they will deal on those too. 
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April 12 2010
Due to score being below a 680, you will have a difficult time finding any lender and Mortgage Insurance Company that will allow you to only put around 5% down.  I checked the limits in RALEIGH are and the MAX FHA loan amount is $295K-  If you find a home in say the $306K range then you will hit the limit-  In this market, I am very confident you can find something in that range.  Sellers are very motivated and for them to drop $20K is nothing in this market.
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April 12 2010
Are you working with a buyers agent? Look at the properties that have been on the market for 90 days or more in the $330K range. If you see one you like, make an offer for $310K. That would get you within the loan limit for FHA. Surely someone needs to move, sell, avoid FC. etc.........
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April 12 2010
The problem is your loan will need PMI and there are no PMI providers that will allow credit scores that low...you will need to either increase your scores or save for a much larger down-payment if you want to go above FHA limits.
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April 12 2010
 
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are there any loans besides FHA doing 30 year fixed for scores at 620-680? need a 325-335k LOAN.
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May 10 2010 | 6 answers
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