shopping for 625k loan with good credit (660 FICO), what should I know?
does anyone have any recommendations/experiences about shopping a FHA loan for roughly $625,000? I have already received a prequalification through my bank but didn't know how competitive the rates are and what fees I should be wary of. I am an "attractive" candidate in that I have little debt (long-term or short-term), have a credit rating of 660, and my household income can technically withstand a larger mortgage, but I'd rather not exceed the above. your comments/input is greatly appreciated. thank you. by jamesdill00n from Phoenix, Arizona. Jun 14th 2011
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
The first issue is the loan amount. You are listed as being in AZ and there is no place in AZ that allows a $625,000 FHA limit. If you are buying in a state that allows this such as California, then that's a different story. With all due respect, your 660 credit score is on the lower end of the requirements so "attractive" may be an overstatement regarding your qualifications. You can certainly get an FHA jumbo mortgage with a 660, but you won't be offered the best available rates. Contact me if you are buying in CA.
John Schweer (johnschweer)
#24 ranked lender in Kansas - 163 contributions
here is the FHA look up tool to see the max county limits.... https://entp.hud.gov/idapp/html/hicostlook.cfm625K is possible but on a multi unit in a specific county
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