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With a 670 credit score should i qualify for a FHA loan and what would i be looking at for a down payment? $71,000 home loan

by kbarnett003937 from Fairborn, Ohio. Jan 27th 2016 Reply


Kimberly Lawson (kilawson)
#1 ranked lender in Ohio - 150 contributions

Based on credit score alone, yes, you would qualify for an FHA mortgage. You could also possibly qualify for one of the Conventional programs available too. You should expect to need anywhere from 3 or 3.5% to 5% (or more if you desire) for down payment. If I can answer any additional questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson

Jan 27th 2016
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Tim Bradford (Tim Bradford)
#8 ranked lender in Ohio - 145 contributions

KBarnett, FHA calls for a 3.5% down payment so on 71,000 that would mean you would need 2,485 as a down payment. On top of that you will need closing costs. In many cases you can have the seller assist with most if not all your closing costs. Also, if you are a first time buyer I would like to talk with you about the benefits of the Ohio Mortgage Tax Credits Program. You can find my phone number on my profile page and you can generally call 9AM till 9PM 7 days a week. I will answer if I am available.

Jan 27th 2016
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Thanks for getting back with me. I am trying to figure out my best steps. I have $3000 I am paying onto my bills and I have $2500 cash for a down payment. Should I pay the credit down to improve my credit score or put the $3000 down on my mortgage loan?

Jan 27th 2016
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Tim Bradford (Tim Bradford)
#8 ranked lender in Ohio - 145 contributions

KBarnett, In reply to your reply. Your 670 Credit score is good enough for a FHA loan. Messaging back and forth is not the best way to give you the best advice. I would suggest you give me a call and we can discuss your options. There is no cost to talk, I will offer my thoughts and options. Again 9am till 9PM

Jan 27th 2016
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Shawn Custis (scustis@fuse.net)
#94 ranked lender in Ohio - 6 contributions

you would qualify for an FHA. Why put money down. Get a grant for NO money down. There are some restrictions though. We could discuss if you like. Thanks Shawn

Jan 27th 2016
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Shawn Custis (scustis@fuse.net)
#94 ranked lender in Ohio - 6 contributions

Get a grant. No money down. We can discuss if you like as there are some restrictions. Thanks Shawn

Jan 27th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

It take more than a credit score to qualify for financing.. but a 670 MID credit score would be in the acceptable range.. As far as down payment, you need a minimum of 3.5% down for FHA, which for a $71,000 home, you would need $2485. You would also need funds for closing costs.. this can add another 3% to 5% required funds, however, there are ways to get the costs paid.. you can ask the seller to contribute, you can ask your realtor's to contribute, you can choose a slightly higher interest rate and get a "lender credit" to help pay the costs, or any combination of the 3.. There also might be some local grant programs that might help with down payment and closing costs.. For this option, it's best to contact a local mortgage broker or real estate agent... they should be familiar with all the local programs if any.. 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 NMLS# 226347

Jan 28th 2016
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Kenneth Erickson (kene@erickson-team.com)
#95 ranked lender in Ohio - 1 contribution

Yes you can get an fha loan with a 670 credit score and I've seen actually go lower in certain circumstances. Your down payment will be $2,500 plus closing costs. In most cases we can negotiate the closing costs to be paid by the seller. -Ken

Jan 27th 2016
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