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Can anyone recommend a lender that has closed an FHA loan in TX for a buyer with 20% down and a FICO of 560? All his delinquent debt is from credit cards but he hasn't been late on any of them in the last 12 months.
A couple of lenders have told me that they would "look at it" but I wonder if someone has actually closed one. Thanks,
Can anyone recommend a lender that has closed an FHA loan in TX for a buyer with 20% down and a FICO of 560? All his delinquent debt is from credit cards but he hasn't been late on any of them in the last 12 months.
A couple of lenders have told me that they would "look at it" but I wonder if someone has actually closed one. Thanks,
Naima
NO. He would need to pay down some of his debt. No having deliquencies in 12 months is not enough. Gone are the days of obtaining a FHA loan with credit score below 620.
FHA tightened its lending restrictions effective 2/1/2010, and added a minimum FICO requirement. They won't guarantee anyone with a FICO lower than 580.
If your client has 20% for a down payment, why not use some of that money to clean up his credit. FHA will allow as little as 3.5% down with a 620 FICO score.
There are still a few Lenders that require a 580 mid score, they just aren't always easy to find. The Lenders Network is a place to start, they specialize in referring people to lenders that have loan products that matches your needs.. Kind of like a LendingTree for people with bad credit, self employed, low down payment options etc.
Good luck!
You're really hitting several-year-old threads in an attempt to advertise your company, aren't you, chief?
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