Are there anyother options other than FHA mortgage?

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We have recently been approved for a FHA loan. We presented aa bid on a house and landed in a bidding war. Our offer was accepted and later we discovered the subdivision has not been approved FHA. It was because the houses “site condominiums” were considered. Come discover, almost all of the subdivision is found in cities, as they have built. We continue to find homes and can not bid on them space because they are in agreement “on site” credit scores sind.Unser condominiums, but not much. Mine is 678 and my husband is on the 660th there anyother payment options on conventional loans for low credit unless we perfect? We tried a conventional loan from local banks, but because of the “restricted” areas of learning for us, we would share at least 10% down. Also, because our credit, we would have to pay almost $ 2000 points (each of us .. because our credit score under 700). Any input would be appreciated. I’m not looking for people to want me offers for mortgages, only cities Optionen.Die we are we are very small and newer homes that we are constructed as condominiums site. Our agents are not looking for it for us. There is no incentive to sell. Most are anyway so it does not exclude a huge commission from them.

2 Comments
  1. Reply
    loanmasterone
    February 5, 2011 at 2:06 am

    The FHA mortgage product is the best thing going for those with little money to put down on a property.

    If you are approved by a conventional lender check with your city and county Housing Departments to see if they have a down payment assistance program that might be of assistance to you and your husband.

    The city or county will explain the qualifications and other necessary things you need to know about their down payment assistance programs.

    I am sure that there are other places in your city beside site condos. If you are using a real estate sales person ask to be shown others. Not simply site condos. Your agent could have ulterior motives and only want to sell those type units or is getting some type of referral fee it he sells a site condo.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  2. Reply
    Molly
    February 5, 2011 at 2:36 am

    Unfortunatly no, FHA is your best bet for low down payment, low credit score borrowers. If you have a way to borrow the down payment to get the 20% most conventional loans require I would suggest you do that. Maybe a family member could lend you the money.

    You should also look to see with there is any first-time buyer assistance programs in your area. You can find them on the HUD web site http://www.hud.gov.

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