Here is some info on the different lenders:
1. Bank of America has minimum credit score 560 with 3.5% down FHA (Apply online now)
2. US Bank and Wells Fargo – FHA (Apply Now)
a. 500-579 credit score = 10% down
b. 580-599 = 5% down
c. 600+ = 3.5% down.
US BANK – also offer a 1 year 1pt buy-down so for the first year your interest rate is only 3.4%!) and they have another program for $1000 down
3. USDA/Rural housing loans are available for outlying areas for 100% financing ($0 down payment!) and no PMI as well as VA loans – (Apply Now)
4. 1st Federal Savings and Loan = 20% down – no minimum credit score – they are also ideal for investors who want to borrow appraised value of a house that they have in inventory to purchase additional houses.. or for owner financed deals who want to re-finance with a traditional lender (can lend 100% of appraised value not just the balance of the sales price which can help make up the 20% down difference). (Apply Now)
5. Community America and Alpha Mortgage can do debt to income ratios up to 55% (Apply Now)
6. Brotherhood Bank – loans on ITN numbers for Hispanic clients who do not have a social security numbers but have valid ITN (en espanol) (Apply Now)
7. For houses that need repairs: Wells Fargo has a stream-lined 203k loan that allows for additional funds to be borrowed expressly for certain updates, repairs, carpet, paint, roof, furnace etc ….. (Apply Now)
If you would like to repair your credit first or get a good idea of how close you are to getting approved, start here with United Service Credit Repair. call them at: 913-948-9642
This communication is provided to you for informational purposes only and should not be relied upon by you. Keller Williams Legacy / Wingman Realty Group is not a mortgage lender and you should contact a mortgage lender directly to learn more about specific mortgage loan products and your respective eligibility for such mortgage loan products
