with a credit score of about 640, is it possible to get a 3-percent down loan? does anyone know of websites where you can type in your score and they can tell you what kind of loan you can get. thanks
I doubt it.. I think you'll be hard pressed to find someone who will finance you with 10%... But if you have extenuating circumstances, you may be able to explain your situation sufficiently to get a lower down payment..
I disagree If you score is 640, then yes you can get a loan with 3% down, but you would have to go through an FHA mortgage.
thanks momo. though i dont think i can get the house i want with an fha because of the loan limit ofthe county i live in
Yes K FHA is a little more relaxed about your FICO score, my friends received a FHA loan with 3% down, 7.85% last year with FICO scoring of 620, but conventional loans look at and bas their finding heavily on your scores and credit history. FHA wants to see a 24 month clean payment record, conventional will dig deeper than that.
I had a score of 644, and I had no problem qualifying for a conventional loan with only 3% down. I went through a couple of places, two mortgage brokers and my credit union. I ended up going through my credit union because the closing costs were a lot lower.
