Posted on: 01st Nov, 2010 01:17 pm
Approximately 4 years ago my wife and I had financial trouble and in order to save our home, we transferred the title (sold the home) to a friend. The mortgage is currently in his name and being held by a mortgage company. The home was worth $300K, he mortgaged $260K and we hold a note for $40K (which is simple our way of holding a piece of the equity). Our payments, P&I and insurance is $3,300.
Our friend is having financial problems now and we want to take our home back. The problem is our credit score is below minimum requirements for FHA.
Are there lenders which are non-FHA and have lower credit requirements. The rate doesn't matter, we want our home back.
Our friend is having financial problems now and we want to take our home back. The problem is our credit score is below minimum requirements for FHA.
Are there lenders which are non-FHA and have lower credit requirements. The rate doesn't matter, we want our home back.
Hi soctrek!
Welcome to forums!
In order to get a FHA loan, you should have a minimum credit score of 580. Unless you've this score, none of the lenders will be ready to give you a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to get a FHA loan, you should have a minimum credit score of 580. Unless you've this score, none of the lenders will be ready to give you a mortgage.
Feel free to ask if you've further queries.
Sussane