Down payment needed for fha 203k when fico is 699?
I think i can at least get up to 700 but either way what do i need to put down if i'm looking at a $7k project on a kitchen fixerupper please? by ashlin4patriots97... from Holder, Florida. Dec 5th 2014
Pamela Gordon (pam@thegordongroupinc.com)
#63 ranked lender in Florida - 12 contributions
With that credit score you might be better off with a Fannie Mae loan that is for that. It takes 5% down payment of the appraised value based on the improvements. The Mortgage Insurance will be less and you don't have the 1.75% added to your loan amount at the start. FHA is great for those with low credit, but if you have 5%, you will really be better off with a Fannie loan.
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
I agree with Pamela, if you have 5% for a downpayment a conventional renovation loan may be a better option for you. I'd be happy to look at both options for you. pdumouchel@primelending.com
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