1st time homebuyer seeks loan

3 Replies

Hi BP members:

Wondering if we could get any insight on gettin help with a sfr purchase. The property is in Spanaway,WA.

My buyer is self employed less than a year, has a fico off sub 600 and a bankrupcy that is 

7 yrs old.

We are seeking a loan program that requires a low down payment and a loan amount of approx $210k. / approx  on a property that will appraise for $225-235k.

Please contact me if you have a program that may fit these parameters or have any suggestions on a program that can be reviewed for consideration.

Much thanks in advance for your input and suggestions-

George A. / 760-805-5663

@George Alves Jr ....Should be able to get FHA loan with 3.5% down. BK won't matter. You should be able to go down to 580 FICO with 3.5% down. Lower FICO than that, you need 10% down. If borrower is using a bank that won't do this, find a competent broker. I don't know about down payment assistance programs in WA. If it was CA, it'd be a different story. Hope that helps.

Hey George, I think we can do down payment assistance in WA. However, most of those programs require 640 fico score. Maybe we can help him improve his credit. The other issue is being self-emplyed for less than 2 years.He will be required stable income for 24 months or more.

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