Posted on: 15th Apr, 2012 02:04 pm
Looking for mortgage in Orlando Fl Have 556 score will be relocating and just starting job so no work history. Have money for down and the value will be under 40K. Have found a lender for 50% down anything better exist?
Hello,
To qualify for an FHA loan, you may find a lender to accept your score. FHA can go to 500 fico, but most lenders will require a 640 or better fico. Your other isssue is no work history. If you were not in school and obtained a degree in the same line of study as your current job, then no lender will grant you a loan. If you were in school for same line as your current job, FHA allows school to be taken in account for work history. Your other option is private lender or hard money. Most of them will want 35% down, so if you only can get hard money, keep looking for something better then 50% down. Good luck-
To qualify for an FHA loan, you may find a lender to accept your score. FHA can go to 500 fico, but most lenders will require a 640 or better fico. Your other isssue is no work history. If you were not in school and obtained a degree in the same line of study as your current job, then no lender will grant you a loan. If you were in school for same line as your current job, FHA allows school to be taken in account for work history. Your other option is private lender or hard money. Most of them will want 35% down, so if you only can get hard money, keep looking for something better then 50% down. Good luck-
AFAIK, FHA requires 2 years paystubs. You are starting work in same field or position?
I do not see that happening. I also agree a 600 or higher score is needed but with 50% down they will risk it a bit more.
I do not see that happening. I also agree a 600 or higher score is needed but with 50% down they will risk it a bit more.