Your FHA Mortgage With 580 Middle Score

Posted on October 11, 2009
Filed Under home mortgage | Leave a Comment

In Florida, florida va lenders are extremely popular. Low down payment is needed and you don’t need perfect credit. The best part… you STILL get the low interest rates! Lets see what you need…

First, let’s talk about what exactly is an florida stated income loan because you are probably thinking this sounds too good to be existing. An FHA mortgage is issued by federally approved banks and insured by the Federal Housing Administration. That means that they are government loans just like USDA & VA. To get a USDA you must be zoned agricultural and VA you have to be a veteran to be eligible. Unlike the other 2, FHA is for everyone!

So, what is required by the servicers to get an FHA home loan you ask?

You need 2 years worth of documented work history. That means you have to be able to prove it with bank statements[. It doesn’t have to be 2 years at the same employer, but it does help if its 2 years in the same line of company. mortgage companies are sometimes able to look past it if you were in college and you now job with your degree.

Credit. That’s a bad word for many people. You walk into a servicers with anything under a 620 credit score… well, you pretty much get thrown out! FHA is a bit more forgiving. We have a mortgage program that allows you to have a 580 or higher middle score (that means out of the three credit bureaus, not the highest nor the lowest… the one in the middle) So, what can you have on your credit? lenders are pretty strict when it comes to other government note on your credit report though. Student loans must be current. Bankruptcies must be at least 3 years old. Chapter 13 bankruptcies are allowed as long as clients have made 12 months payments regularly.

Down payments are a necessity when it comes to buying a house. Most mortgage companies for typical financing require 20% down. That’s a lot of money. If the loan you are trying to get is $100k, well, then you need to bring 20 thousand dollars to the mortgage!!! Who has that now days with this economy? FHA only requires you to bring 3.5% down. That’s a significant difference.

You are likely thinking that with all of these positives, that there has to be a detractor. Right? It has to be in the rates… right? Well, you are wrong. FHA has the same low rates as prime! You can get FHA loan right now for as low as 4.875% on a 30 year fixed (which I forgot to mention, all FHA loans are 30 year fixed.

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