Which loan is right for me? FHA or Conventional?
What are your fico scores? This loan choice is all going to depend on what your credit profile, fico scores, debt to income ratios and how much you want to invest into the down payment and closing costs will be?
*As low as 0, .5% down, (half percent down), 3%, 3.5%, 5%, 10%, 15%, 20% down and up to invest towards the down payment and closing costs.
The minimum fico score required to qualify for an FHA loan is between 500-579 requires 10% down. If you have a minimum 580 fico score, you may qualify for FHA standard 3.5% down payment program or as low as .5% half percent down payment program.
Closing costs are approximately 2.5% of sales price.
You may also consider CHF Access half percent down payment program with a minimum 580 fico score or CHDAP half percent down payment program with a silent second, (no payment), with a minimum 640 fico score to qualify. These programs can contribute towards your closing costs as well.
You can buy with minimum out of pocket expenses...
Conventional financing requires a minimum 620 fico score to qualify for as low as 3% down and also offer 5% down payment program with NO Mortgage Insurance, (Lender paid mortgage insurance). Conforming conventional financing up to $417k and High Balance Jumbo up to $625,500 with a minimum 660 fico score 75% LTV and minimum 700 fico with 80% LTV with no mortgage insurance. Jumbo loans are available up to 3.5 million with a minimum 680 fico score.
How much do you want to invest into the down payment and closing costs? Let's go over your options for the many loan programs I offer from the most popular being Zero Down USDA Rural and the half percent down payment programs, CHF Access or CHDAP or zero down CHDAP.
Self Employed buyers may qualify for the Stated Income Loan or 12-24 month bank statement program showing cash flow through a bank account.
A second home or vacation home purchase loans are available from 10% down and a minimum 620 fico score to qualify.
It only takes a few dozen questions to qualify you in minutes and go over your options. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can raise fico scores directly with the bureaus within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some links to study and consider.
FHA loans from as low as 500 fico 10% down and NO Fico or minimum 580 fico and up from half percent down payment.
Conventional loans from minimum 620 fico score and up from zero down payment program.
FHA High Balance CHF Access Jumbo loans from minimum 600 fico from half percent down up to FHA county maximum loan limits.
Stated Income Loans for self employed or Foreign Nationals with no US credit scores.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 7pm Monday thru Saturday, Sundays by appt.