All Forum Posts by: Art Shalomov

Hi Kevin, Some one with the 580 and 600 fico is eligible but it doesn't mean they would actually get approved. These FHA programs all come with restrictions and almost impossible to close. At 620, you would have a much better chance of getting it done. The lower the scores the higher the risk for the lender, the tougher it is to get approved. I would focus on getting the scores up. My first question would be, what kind of stuff do you have on your credit that your mid score is 606? Paying off the car wouldn't really help your scores but would help your debt to income ratios. Do you have any revolving debt? How old is the most recent collection?

Hi Ryan! I work for a direct lender for FHA and have helped people in the same exact situation. Private msg me and I would gladly help.

I am a lender and locked my own loan at 5.125% (investment, 80% LTV) and it gave me credit for rate chose of about 1400 to cover my costs. My suggestion is to look for a mortgage banker that focus on refinances. Their fees are low and have no overlays. FDIC banks will usually have the best price but you better be a perfect borrower.