Would I qualify for a homepath loan?

Probably not, the lowest score I know of allowed on a HomePath mortgage is 620.

If you are in CA, then you might be able to get some financing. FHA will go into the 500 ficos, but not all lender/banks write this type of loan. You have to be current on all bills, no lates in 12 mos. and enough income that can be verified. You also need to have reestablished tradelines.

First, it's good that you do not have any credit debt. Hopefully, you didn't close any accounts because it will cause your score to drop. Lenders look for a borrower to have at least three opened accounts, one of them should show at least a 24mos history and also in good standing, along with the other two accounts. The money you have saved is a plus, however, the Homepath financing require 3% down of the purchase price. Before you get started, make sure that your credit report reflects a zero balance on your paid accounts. You want everything cleared up before you start having Banks pull your credit. I'm sure if I saw a copy of your credit report, I can possibly help you increase your score. Good Luck!

hi:I would suggest FHA also and if you need down payment assistance there are organizations etc that can try to assist.Homepath (Fannie Mae) personally has more stricter guidelines than FHA. Freddie also has a first time buyer program pretty much comparable to Fannie's Homepath as far as guidelines. I was a junior underwriter for Freddie for some time and both Fannie's and Freddie's guidelines are similar...I've seen loans that would never think go thru with them and did depending on whole picture. (credit, capacity & collateral). As for credit, if inaccuracies, we can review and perform rapid re-score ..Any questions, please contact us.

Homepath is not going to be a good option for you with lower credit scores. We can lend down to a 580 credit score on FHA and this will end up being a better deal for you even if you could qualify for homepath. Without excellent credit, the amount you have to put down on Homepath goes up and would end up being more than the 3.5% required for FHA. Also the rate is much higher without almost perfect credit. I am an expert at raising credit scores. Call me and I'll be glad to lend you a hand. 866-766-1918

I can do a 580 with improving score homepath, but it would be 10% down but we could get going on it and start working towards it today! Or we could work on your score to get over the 620 threshold. Carl Ashton Mortgage Loan Originator NMLS MLO ID # 247293 E Mortgage Management, LLC 7601 N Federal Highway Boca Raton FL 33487 Phone: 561-210-3000 Mobile: 239-580-9977 Fax: 866-630-4085

Thru June 30 Homepath is giving 3.5% toward closing we may be able to do 5% down working with that.

Many other expenses are incurred when buying a home. Property taxes, insurance, moving expenses, utilities, etc. I would build up some reserves and get your credit score up a bit before buying. You are going to get hit hard by FHA adjustments for having a score under 620, and mortgage insurance has gone up as well. Take your time and be smart. Dont over extend yourself, as that is what caused our mortgage crises in the first place.Good Luck