FHA loans to with a 603 mid score in Atlanta GA at a 45,000 loan amount?

There are lenders out there that will lend to borrowers with scores below 640, however the lower your score is the more restrictions the lenders put out there, and most don't qualify.. The real question is "Why".. Why is your score so low?? if you have had any derogatory credit in the last 24 months, it's doubtful you will qualify unless you improve your score.. The other hurdle you face is the loan amount.. Because of recent laws, most brokers cannot charge enough to make the loan worthwhile.. However the recent laws only apply to brokers, so you can still contact your local bank, but your score will have to be higher... 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. 480-287-5714 WilliamAcres.com

You are fighting two issues, a $40,000 loan amount and a sub 640 mid score. Generally, scores below 620 have issues on their credit that will prevent an approval as well. You will need to work with a Mortgage Professional that has access to investors willing to go that low on both. I can't help you because I'm not licensed for GA. Look for a Licensed Mortgage Professional at the National Association of Mortgage Professionals at http://www.namb.org/assnfe/SearchBroker.asp?SnID=1921118381 . Select your state and click search. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The bulk of lenders do not lend below a 640 score, but a small minority will look at you with a 603 scores. But just because you have an acceptable score doesn't mean you get a loan. Usually with a 603 score, other items will cause a denial. Find a local non-bank lender in the Atlanta area, give them a full application, and let them assist you. As a side note, many lenders also do not lend for loan amounts under $50,000 because the rules make it difficult to provide even charge enough to cover lender costs on small loans. Good luck

Joe is spot on, it's possible to get a FHA loan assuming this will be your residence - not an investment property. Realistically you may have to look around for a lender who doesn't have a problem with such a small loan. That will raise flags as a possible "high priced loan". A good indication is that no one on this site has offered to handle the loan for you. I know that Universal American Mortgage Corp (owned by Lennar Homes) will go as low as 600 on a FHA loan, you might trying contacting them directly if they have a local office.

Most lenders that I deal with require a 640 score. Good luck

FHA says 580 is okay, but most Lenders have Investor Overlays, which means they require a higher score. So what you need is a Bank that doesn't have Investor Overlays, and that's Prime Lending out of Texas. They have branches all over the country.

All the answers above are correct if there is a house on property. Is there? If not, then FHA is not an option and you will need to look at a lot loan and the lower the fico the more down payment money will be needed.