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cthompson · Joined: 15 Jul 2007 Posts: 1 1.74 Dollars($)

I am in need of an FHA loan. But no one wants to help me.
owner occupied
South Carolina loan limit $200,160 (Spartanburg)
$190K purchase price
6% seller concessions
full income documentation
461 score
some lates in past 12 monthscurrently disputed alot of errors on credit report
no open tradelines
but can build alternative tradelines 2 yr rental history, 2 yr cell pone, 2 yr additional cell phone acct.
Can anyone help me?

adonis · Posted: Mon Jul 16, 2007 1:37 am Post subject:

Welcome Thompson,

Your credit score seems to be very poor but if you are looking for an FHA loan, then there's a possibility that you may qualify for it. This is because the FHA loans do not consider credit score as the primary criteria for loan qualification. Rather the FHA approved lenders would check your debt-to-income ratio which should somewhere around 29/41.

Guest

It's good Thompson that you disputed a lot of errors on your credit report. In fact, disputing such errors does help to clean up your report and improve your score.

Caron

Hi CThompson,

You can try shopping for a loan with some of the lenders in our community. There are a number of lenders who offer a variety of loan programs including FHA loans as well. If you're interested, you can send us your request for free mortgage quotes. We shall send over your request to our community lenders. If a lender is able to match their profiles with your loan requirements, they shall contact you asap.

good luck

Guest

I need some more details cthompson....if you don't mind Smile

Guest

The Fha loan officers I have talked with all say y socre is too low.
Income $75K DTI 23%
3% down
Commissioned employee and was late due to loans closing later than expected.

Caron

I guess your score is not up to what the lenders offering FHA loans are expecting. Ok, so did you shop with some other lenders/ I mean those offering other mortgages, say Mycommunity mortgage or any low credit home loan? Just wondering why you wish to go for FHA. Is it because of the insurance coverage? Well, there are private insurance companies also. So, try shopping for some more time � its all about getting a home of your own, so a little more search definitely makes a difference. I hope you agree with me. Smile

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

ezmortgageloanz · Posted: Sat Aug 04, 2007 8:45 pm Post subject:

You are speaking to the wrong type of FHA originator---there are two types of underwriting approaches used in originating FHA loans---automated (these are the types you are speaking to) and manual...

I have been successful funding manually underwritten FHA loans with scores as low as 400---it appears that despite your score, you have some compensating factors that would make this a fit for some of the programs that I offer.

Regards,

Scott Miller

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