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Credit Score / Loan To Value (LTV) restrictions:Borrowers with a credit score ranging from 580-640 are eligible for maximum financing.Borrowers with a credit score ranging from 500-579 are limited to 90% LTVBorrowers with a credit score of less than 500 are not eligible for financing
I only do loans in California, but I am one of the few banks that can do FHA with a FICO < 580. With a 580 FICO I can do as little as 3.5% down payment. It is a good loan product, but best to discuss because I would need a full application and credit analysis (no charge). I then would be able to tell you what you need to get into the loan program. Best to reach me at [spam removed by Zillow moderator] and will be happy to help. Or submit question and I will respond.
Here are some of the guidelines:
An FHA 30-year fixed, fully amortizing mortgage.
Eligible loan types:Maximum Purchase LTV: 96.5%Maximum Rate and Term refinance LTV: 97.75%
Ineligible loan types:Cash-Out refinanceStreamline refinances (credit qualifying and non-credit qualifying)Loans with subordinate financing
Credit Score / LTV restrictions:Borrowers with a credit score ranging from 580-640 are eligible for maximum financing.Borrowers with a credit score ranging from 500-579 are limited to 90% LTVBorrowers with a credit score of less than 500 are not eligible for financing
There is no minimum loan amount requirement.
Maximum loan amount is limited to the local Statutory Mortgage Loan Limits as published by HUD Field Offices. The most current loan limits can be found at https://entp.hud.gov/idapp/html/hicostlook.cfm Maximum loan amount: the lesser of $417,000 or county loan limits as determined above.
For FHA buyers, in the past FHA had no minimum FICO score. If a lender was willing to do the deal with a 500 FICO (and it met all other HUD guidelines) they could. However that has changed recently. For a buyer putting down less than 10%, which is the vast majority of FHA borrowers, there is now a minimum FICO of 580. Anyone lenders offering FHA to borrowers with scores below 580 are going to be required to put down 10%, if they can qualify at all.http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2010/HUDNo.10-016
Sunny,You have your FHA (after short sale) facts wrong there. FHA requires a THREE year wait period after a short sale. Yes, they do make exceptions to that where a buyer can obtain FHA financing one day after short sale, but for those that don't meet the guidelines for that exception (99% of people that want to buyer after short sale) the wait is a full three years, not two. Fannie/Freddie will allow a buyer to obtain financing two years after a short sale if they are putting 20% down however, but FHA is three years...Sincerely,Greg
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