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Stephen Suech

Purchase Loan,
Home Equity,
Mortgage Planning


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Name of banks that will approve people with bad credit?


I have access to FHA loan programs with Credit Scores down to 580.  3.5% down payment must be your own funds (no gift funds allowed) and you must be able to prove a 12 month rent payment history with cancelled checks from your bank account.  Rates are from 5.5% to 6.5% depending on other factors.

is a FHA loan the only way for us, if we can't put more than 5 % down? how much extra is a FHA loan


FHA requires 3.5% down.  But you also have an upfront MIP fee which was just increased April 5th to 2.25% of the Loan Amount.  Conventional financing through Fannie Mae or Freddie Mac requires 5% down.  There is no upfront MIP fee, but your monthly Mortgage Insurance will be higher.  Depending on the Lender and the rates available, it is hard to say which option would be better for you.  Feel free to contact me.

Does a house have to be in a certain condition to be FHA approved?


Another thing to know, is that if the home as not been lived in for 6months or more, the underwriter will ask for an inspection of the property, other than the usual appraisal.  But I agree with others, that a 203k Rehab loan is a great product and maybe the way to go.