Posted on: 03rd Aug, 2010 12:34 am
We are getting turned down from all the typical lenders that are all asking for a 680+ score but we only have a 628-640. The seller is refusing an FHA loan (the house is an estate and there are some simple repairs that need to be made.) We surpass all the financial requirements for the home but are being turned down on the basis of low credit and we have no outstanding debts.
We qualify for an FHA but we really want this house. Our time has ran out to get financing but the seller is giving us a few more days.
Do we have any options for getting a non-FHA loan? Are there any lenders out there for our situation?
We qualify for an FHA but we really want this house. Our time has ran out to get financing but the seller is giving us a few more days.
Do we have any options for getting a non-FHA loan? Are there any lenders out there for our situation?
You won't be able to get a conventional loan with a credit score of 628-640. You can contact your seller and try to negotiate with him so that he agrees to let you take out an FHA loan in order to buy the property.
Thank you for sharing I wish I could go somwhere.
I know of several lenders that will lend on a 620 and sub 620 credit scores. Do your research. Who has turned you down so far. I haven't heard of 680 being the new FHA requirement. I have lenders still lending down to 580.
He/She is asking about NON FHA options Ted.
How much down payment do you have spooth?
How much down payment do you have spooth?
That is correct. Sorry about that! On conventional loans, most require a minimum credit score of 640-660(depending on the investor). If you're putting less than 20% down, you will also have to meet the requirements of the mortgage insurance company. How much do you plan on putting down. Where city and state are you purchasing in?