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Forums » Seeking Financing, Money, or Loans » FHA loan for a Fico of 570-591?

FHA loan for a Fico of 570-591? Subscribe to FHA loan for a Fico of 570-591?

7 posts by 5 users

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Francisco Garcia Jr

Real Estate Consultant · Scottsdale, Arizona


Forum_avatar_avatar-wfmginc

Icon_minipost Aug 04 '09, 01:48 AM

Is there any lenders who will do this now? I know this is subprime but wondering if there is any lenders that will do this type of loan?

Edited: 06/26/2010 at 09:13AM


Steve L.

SFR Investor · Rancho Cucamonga, California


Forum_avatar_avatar-cucaloco

Icon_minipost Aug 04 '09, 02:43 AM

Not a chance in this market.

Edited: 06/26/2010 at 09:13AM


Eddie Ziv

Real Estate Investor · Studio City, California


Forum_avatar_avatar-ziv2liv

Icon_minipost Aug 04 '09, 04:34 AM

Here is a way to start. Look for a property owner who offers a rent-to-own or someone who's willing to sell you a property with owner financing. This is a great way to re-establish your credit. Most of those programs have a balloon payment or option exercise in 5-7 years. By that time, you can establish a payment pattern that can help you refinance the property with conventional lender, That of course only if you haven't declare bankruptcy and you won't fall of the wagon in the next 5-7 years.

Edited: 06/26/2010 at 09:13AM


Joel Soforenko

Real Estate Lender · Springfield, Massachusetts


Forum_avatar_avatar-jfsjd

Icon_minipost Aug 05 '09, 10:55 AM

Francisco, I am also associated with a residential mortgage broker. There are still a hand full of FHA lenders doing loans down to 560. But charge offs need to be paid off, continuing and established credit, no lates in the last 12 months (unless there is a very good explanation) and the borrowers need to bring some of their own money to the table. I'd be happy to discuss the scenario with you.

Edited: 06/26/2010 at 09:14AM


Francisco Garcia Jr

Real Estate Consultant · Scottsdale, Arizona


Forum_avatar_avatar-wfmginc

Icon_minipost Aug 05 '09, 11:02 AM

Joel

Thanks for the referral of Larry, my partner talked to him yesterday. Hopefully a deal can become of it. I'll email on my client scenario

Originally posted by Joel Soforenko
Francisco, I am also associated with a residential mortgage broker. There are still a hand full of FHA lenders doing loans down to 560. But charge offs need to be paid off, continuing and established credit, no lates in the last 12 months (unless there is a very good explanation) and the borrowers need to bring some of their own money to the table. I'd be happy to discuss the scenario with you.


Edited: 06/26/2010 at 09:14AM


Scott M.

Real Estate Investor · Rochester Hills, Michigan


Forum_avatar_avatar-scottmac

Icon_minipost Aug 05 '09, 11:49 PM

I would be sure to manage expectations very carefully. Just because someone says they can do it doesn't mean they can. Personally I say the odd's are WAY less then 20% that deal gets done.

The appraiser will make some nice cash as those funds will be due before close.

Just be sure the buyer understands that odd's he/she are facing

Edited: 06/26/2010 at 09:15AM


Eddie Ziv

Real Estate Investor · Studio City, California


Forum_avatar_avatar-ziv2liv

Icon_minipost Aug 06 '09, 12:44 AM

In addition to what Scott mentioned, I would also watch for questions about the length of your employment or if you are SE, the time your in that business. Even more important is your current DTI (Debt to income) ratio. A ratio that is too high, compounded with low FICO would work against you.

Edited: 06/26/2010 at 09:15AM


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