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Old 05-21-2015, 07:44 PM
 
10 posts, read 19,061 times
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I am in need of some advice. My husband an I are trying to buy our first home. I know there are some programs out there for public safety, as well as first time home buyers.

My husbands credit score is currently a 616 and we know that to get a FHA loan we need to be at a 620. I was hoping to find some information on lenders willing to work with us at our current credit rating. We have nothing bad on our credit report, as it has all been paid off. We also just opened our first credit card in hopes of raising our credit score.

We are trying to get approved to put an offer on a home that the asking price is $91,000.

Any advice or tips are GREATLY appreciated!

Last edited by Jenny-nifer; 05-21-2015 at 08:24 PM..
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Old 05-21-2015, 08:19 PM
 
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for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

Is there a minimum credit score for the USDA (rural) loan program?
There is no minimum score, per se, but 640 is generally regarded as a cutoff point.

There are also programs to help firefighters, I think it's called Heroes next door, or something like that, Google it.

Never heard of an FDA loan.
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Old 05-21-2015, 08:40 PM
 
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That was a typo, it is the FHA and from my understanding they recently (2014) raised the minimum credit rating to 620.

Thank you for the info on the Heroes website. That is exactly the type of information I was looking for.
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Old 05-21-2015, 09:43 PM
 
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Homes for Heroes is one I do,it's basically a marketing platform for us to advertise to service personnel and offer various mortgage and real estate discounts. The realtor has to play ball also, and it can be dicey just HOW your discount is manifested from a buyer's perspective. FHA Good Neighbor Next Door program. Plus, there are zero down and a .5% down payment program (fha),
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Old 05-22-2015, 04:37 AM
 
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2015 FHA Loan Update - Rates, Requirements, Changes and More

To qualify for the 3.5% down-payment option mentioned above, borrowers must have a credit score of 580 or higher.
Borrowers with a credit score between 500 and 579 must put at least 10% down, if they can get approved at all.

Borrowers with credit scores below 620, and total debt-to-income (DTI) ratios above 43%, may encounter additional scrutiny during the application and approval process. Borrowers in this bracket may have to undergo manual underwriting. The underwriter will be looking for compensating factors to make up for the low-score / high-debt situation.

Lenders can impose their own guidelines on top of those promulgated by HUD. This is known as an “overlay.” So it’s possible for a borrower to be turned down due to a low credit score (for instance), even though the score meets HUD’s minimum cutoff. There are essentially two sets of requirements — the lender’s, and the government’s.
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Old 05-22-2015, 11:34 AM
 
Location: New York
2,251 posts, read 4,161,942 times
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.

Here's a piece of advice when you for shopping for homeowners insurance.

I was a Volley" in a Hook & Ladder company here in New York. Monday nights at our weekly company meeting, had a representative from Travelers Insurance come down to speak to us. Me and four of my brother fireman signed up, 5 of us together qualified us for a group rate discount. My yearly home owners insurance was $400 cheaper then my neighbors. Maybe your husband can talk it up at his meetings.....

Good Luck....

.
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