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with a 706 fico and 6700 to put down on a 200000 property what loan program is best?

by kennyw94378263 from , Virginia. Nov 10th 2014 Reply


Mark Allen (Mallen)
#61 ranked lender in Virginia - 10 contributions

FHA offers only 3.5% down so on a $200k property you will need $7,000.00 down so you are just about there,you will also need for the seller to pay closing cost on your behalf , this can be negotiated in the contract or can also be handled through a lender credit,feel free to contact me directly to speak further

Nov 10th 2014
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Brian Allen (ballen)
#43 ranked lender in Maryland - 190 contributions

Looks good for FHA, enough for USDA and VA if a veteran the DP for FHA is $7,000 on this purchase amount so not far off will also need funds for closing may come from seller but you are in good shape to start looking into getting pre-approved. I can be reached toll free 800 485-1387 Ext 116 or email at ballen@bankofengland1.com

Nov 10th 2014
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Rob McElroy (TheLoanArranger)
#63 ranked lender in Virginia - 1 contribution

The VHDA(Virginia Housing and Development Authority) 97% No PMI program would be your best option - we are one of only 14 lenders approved to do this type of financing. 3% down required(can all be gift) and Income limits apply - must have an income no higher than $121,900.And you can't own any other properties at the time of settlement. Let me know if I can help.

Nov 10th 2014
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Jason Crigler (JasonCrigler)
#10 ranked lender in Virginia - 15 contributions

Hi Kenny, If the property is located in an eligible rural area, you might qualify for the USDA (U.S. Department of Agriculture) loan which requires no down payment. And if you're a veteran, the VA loan is the way to go. We offer free consultations and pre-approvals and there aren't any application or cancellation fees with us. Feel free to contact me anytime at 434-975-5626 or jason@crownmortgage.com.

Nov 11th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Give me a call and we can discuss some different programs.. Jericho Cherry 804-556-0685.

Nov 11th 2014
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