1. FHA Loans: On FHA loans you can have the whole down payment gifted to you. FHA loans require a 3.5% down payment. Keep in mind their maybe additional guidelines depending on your credit score. 2. Conventional Loans: You can have your whole down payment gifted to you if you are putting 20% or more down. If it is less than 20% you will need 5% of the down payment … (6 comments)
gift funds: FHA Loans with Credit Scores under 640 in Texas. 620, 580
- 02/24/12 04:23 AM
Many lenders require a min fico credit score of 640 to do a FHA loan. But, I am actually able to do them down to 580. And I wanted to give you the guidelines for FHA loans under 640. Here they are: 620-629 · Follows the same guidelines for credit scores over 640 · Interest rate is higher due to Credit Score
600-619 · Need 5% down payment(vs 3.5%) · Max seller contribution toward closing costs is 6% · Must be a Citizen or Non Resident Alien(Green Card), no Immigration Visas. Immigration Visas are allowed for credit … (12 comments)
gift funds: You can now get a FHA loan down to a 580 credit score in Texas!!
- 12/15/10 05:17 AM
We have recently rolled out our under 620 credit score program for FHA mortgages. The min credit score is a 580. Majority of banks and lenders have a min credit score of 640, so this is an unbelievable program. Of course since this is such an aggressive program there are addition guidelines. Here they are:
Min 580 credit score Min down payment of 10% 5 months of mortgage payments as reserves No Gift Funds are allowed The cost(fees) of this loan will higher then a normal FHA loan If self Employed, must be for 3yrs Max debt to Income Ratio … (1 comments)
Many homebuyers get financial assistance for their down payment. While getting your down payment from immediate family is definitely okay there are some rules you will want to know:
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