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Is FHA the easiest loan to get approved for?

I have a solid down payment of 10% but my credit is 678. Ive never bought a house before so I'm trying to llook at all the options but aside from VA loans (I'm not a veteran) I think I need an easy qualify like FHA? by jwillard9378436 from Bryson, Texas. Dec 8th 2014 Reply


Conan Henry (conan.henry12)
#107 ranked lender in Texas - 10 contributions

Willard:FHA minimum FICO score is only 580 so you are way above this mark. They also only require 3.5% as a minimum down payment so we are way above this mark as well. Please call me on my cellphone and we can discuss the first few steps to getting pre-qualified.Conan HenryMid America Mortgage936-499-6740

Dec 8th 2014
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Jeff Albrecht (jeff.albrecht)
#96 ranked lender in Texas - 75 contributions

Fannie Mae (Conventional) is coming back out with their 97% (3% down) this weekend (12/13/2014). So depending on the Underwriting and your DTI % (Debt to Income), I'd much rather see you go Conventional before FHA. Click on my profile for my contact information or call me at 512-514-1074. Thanks....Jeff

Dec 8th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

All loans are difficult to qualify for.. some lenders have varying levels of restrictions than others, but all of them require you qualify and meet eligibility guidelines.. If a credit score was the only requirement, then you would meet the guidelines for FHA or conventional. Unfortunately it's not. Income, debt to income, credit deficiencies, etc, etc, etc.. about 100 different things are considered when determining one's eligibility... Conventional financing is the best loan with 10% down.. with conventional, there is "Upfront" MI charge, and the annual premium is much less than FHA, plus, once you've paid for 2 years, and have 20% equity or more, you can request the lender remove it and you wont have to refinance to do it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com ,

Dec 8th 2014
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David Bailey, MBA (dbailey@westloan.com)
#221 ranked lender in Texas - 19 contributions

You will likely have a few options; FHA, conventional and depending on where you are looking to purchase you may also qualify for a USDA loan. Typically, conventional loans require 5% down with a 620 credit score, FHA requires 3.5% down with a minimum of 580 credit score (although some lenders will go below that score with compensating factors) and USDA is 0% down flexible credit scores. The best approach is to find the best option for you based on the combination of down payment, debt to income and credit scores. DB

Dec 8th 2014
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David Bailey, MBA (dbailey@westloan.com)
#221 ranked lender in Texas - 19 contributions

The best approach when buying, is to find the loan program that best fits your set of circumstances. FHA will go as low as 3.5% down payment and a credit score of 580, conventional will go as low as 5% down with a minimum credit score of 620, however they are getting ready to roll out their 3% down program again and USDA offers a 0 down payment loan with flexible credit scores. The key is to find the best combination of rate, down payment and term based on your overall credit profile, debt to income and ability to repay. DB

Dec 8th 2014
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,041 contributions

Hello Jwillard and good afternoon. You have many options above a 640 credit score. FHA, conventional, USDA ... It depends on your debt ratio since we know you have 10% down. As, long as that would be ok then we would just need to discuss where and what you are trying to buy to decide together what the best loan is for your goals. FHA has upfront mortgage insurance. With Conventional there are many mortgage insurance options including lender paid mortgage insurance with no upfront premium. I am happy to help you sift through your many options and find the best program as a Licensed Texas Mortgage Broker and Banker. Brad Cahoone - 972-724-3222ext.227-bcahoone@globalhomefinanceinc.com

Dec 8th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

FHA is by far the most flexible purchase loan.

Dec 8th 2014
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