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.
I have access to FHA 96.5% financing down to 580 FICO score.
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.
If looking to refinance, there are programs offered which allow you to go up to 125% of the appraised value. Contact me and I can let you know if you qualify.
Yes. Market value rent *75%.
Many lenders do not have access to good jumbo loan products. I do. Let me know if you need assistance.
Many lenders do not have access to Jumbo loan products now. I do. Let me know if you need some help.
Depends on the lender, but we are still going up to 55% on Fannie and Freddie loans.
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.
Post your details here and you will get some infomation/quotes. There are other programs that allow for 100% financing. Mass Housing and USDA.