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650 fico 250000 what to expect?

I have a 650 fico and looking for a loan for 250000. Would this qualify for FHA home loan? What kind down payment can I expect by mandy323 from Las Vegas, Nevada. Nov 19th 2010 Reply


Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

Mandy, in today's market you need at least a 620 score with more investors moving to a 640 minimum score. So, yes, a 650 score will qualify.However some questions your lender will want to ask is, why is the score at 650? Do you have a bankruptcy? How long ago? Do you have any unsatisfied judgments? Do you have recent late payments? You see, all of these things can affect your qualification, not just the score.An FHA loan usually needs 3.5% down. But there are always exceptions. First time buyers (those that haven't owned a home in the last 3 years) have no money down options. Government grants may be available to pay your down. Several other no down options may be available depending upon where the home is located and if you are a veteran. I can help you explore many different options that others may miss. Ron PippinBank of Utah801-409-5191801-628-7667

Nov 19th 2010
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Kelly Balzli (office)
#18 ranked lender in Georgia - 9 contributions

Hi Mandy,Based on your credit score, yes you would qualify for an FHA loan. The downpayment is 3.5%. I hope this helps. If you have any further questions just email me directly.Best,Kelly

Nov 19th 2010
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Vatche Saatdjian (valleywest)
#4 ranked lender in Nevada - 7 contributions

Hi Mandy, Yes your fico score qualifies you for an FHA mortgage. The loan amount is based on where you plan on buying. If you are looking in the Las Vegas area then the answer is yes also. If you would like to discuss your situation in detail, please call me 702-696-9900 or email me directly vatche@valleywestmortgage.com

Nov 19th 2010
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