FHA Loans with Credit Scores under 640 in Texas. 620, 580

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/tW4

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 scores 620+

·         No $100 HUD Down Payment Program.  They can still buy a HUD home, just not with the $100 Down payment

·         Must have 2mths of PITI in reserves

·         Max Debt to income ratio is 43%

·         No Gift Funds

·         Higher Interest Rate due to Credit Score

 

580-599

·         Need 10% down payment

·         Max seller contribution toward closing costs is 6%

·         Must be a Citizen or Non Resident Alien(Green Card), no Immigration Visas. Immigration Visas are allows for credit scores 620+

·         No $100 HUD Down Payment Program.  They can still buy a HUD home, just not with the $100 Down payment

·         Must have 2mths of PITI in reserves

·         Max Debt to income ratio is 36%

·         No Gift Funds

·         Higher Interest Rate due to Credit Score

This is a great program and will help many more folks buy a home.  Keep in mind just because someone has a qualifying credit score does not automatically mean they will get approved.  These loans are underwritten by my underwriters, unlike other companies that broker out these types of loans.  By doing them ourselves, I guarantee they will close. 

 

This FHA Mortgage program is for credit scores of: 580,581,582,583,584,585,586,587,588,589,590,591,592,593,594,595,596,597,598,599,600,601,602,603, 604,605,606,607,608,609,610,611,612,613,614,615,616, 617,618,619,620,621,622,623,624,625,626,627,628,629,630,631,632,633,634,635,636,637,638,639,640

Posted by

 

 

 

 

David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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Topic:
ActiveRain Community
Location:
Texas Harris County Houston
Groups:
Realtors Needing the services of the Lending Powers
The FHA Mortgage Group
Lenders & Realtors with a CONSCIENCE
Texas Gulf Coast
Texas Rocks!
Tags:
texas
fha
houston
loan
county
sugar land
gift funds
the woodlands
hud
mortgage
620
under
640
580
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Rainmaker
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Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Dave,

Thanks for the info. Can you add me to your Email alerts about weekly mortgage rates.. bobgilbert2003@msn.com.. Thanks..

Feb 24, 2012 05:16 AM #1
Rainmaker
470,741
David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX
DaveYourMortgageGuy.com

sure, will.  Thanks Bob. 

Feb 24, 2012 05:29 AM #2
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Rainmaker
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David Krichmar

DaveYourMortgageGuy.com
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