Is an FHA loan a good option?
I’m trying to get loan approval with scores at 640, 600, and 589. I have enough for a 10% down payment for a $200k home. Lender suggested an FHA loan with 3.5% down since they approve even with scores of 580. Is this the best option in my case? by dexter130 from Benson, Arizona. May 30th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi Dexter130,With a 600 mid score, FHA is about your only option. You could try a nd raise your mid score to open up conventional as an option. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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