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favors · Joined: 17 Apr 2008 Posts: 10 5.09 Dollars($)

Iam located in Atlanta,Ga. Please advise which lenders will do Dp assistant with Fica less than 580. Thanks.

chrisburns · Posted: Tue Apr 22, 2008 11:56 am Post subject:

If you can provide full documentation of your income and can qualify for an FHA loan virtually any FHA lender will allow down payment assistance through Ameridream or like company.

Most lender have a 580 requirement for FHA approval but there are a few still going down to 500 or below with manual underwrites.

Consult with a bank or broker about what is on your credit and see if you can get approved for an FHA loan. Seller can contribut the downpayment and some closing costs.

kpatrick · Posted: Tue Apr 22, 2008 8:40 pm Post subject:

Hello Favors,

And welcome to the forum! I agree with Chris, and it's a great option for you.

In the last couple of months, I have closed 4 loans that combined Down Payment Assistance (DPA) with a FHA purchase of a foreclosure. I am not new to FHA, in fact, I cut my teeth on it back in the early 90's when I first started in the mortgage business. But combining all three of these factors (DPA, FHA, & Foreclosure), make for an interesting FHA loan!
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I just closed a loan for a young couple (with a credit score less than 580), and they got their $500 earnest money check back at closing! In a time when all the 100% programs are disappearing, FHA offers the last GOOD 100% option. Sure there are still 80/20's, but if you don't ave a 720+, you can't get the second mortgage.

So, to my fellow colleagues out there, if you haven't taken the time to learn how to do FHA loans...there is no time like the present! Very Happy

Kim

Caron · Posted: Wed Apr 23, 2008 5:49 am Post subject: RE:

Hi favors,

Usually down payment assistance is offered by non-profit organizations like the AmeriDream, etc. You may also use gift of equity as the down payment. Besides cash gift from relatives and friends also may be used. But it is upto the lender as to which type of down payment assistance he'll use.

However, whether you're looking for FHA loans or any other program, you may feel free to request the community lenders for free mortgage quotes and they'll give you an approx idea as to what you may qualify for. Then you can have a face-to-face discussion with the lenders and decide which one is the best for you.

Good luck

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