What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In I

In IL the lenders just raised the credit criteria. Before, you could get 100% financing with a 580 credit score, now you have to have at least a 620. Is this across the board, or does this change from state to state? I%26#039;m considering moving to Florida.

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

Wow! No one has answered the question (not correctly, anyway).

States do not create the loan guidelines for mortgage lending, and the state of IL has nothing to do with credit scores required for 100% financing. States only provide regulations (laws) pertaining to mortgage practices (i.e., what brokers can charge, etc).

You can usually obtain 100% financing through FannieMae%26#039;s MyCommunityMortgage program, as long as the credit history is not TERRIBLE (recent bankruptcy, foreclosure, etc). Your mortgage broker will run the loan through Desktop Underwriter (the automated underwriting system FannieMae uses) and whatever the system says goes. Desktop Underwriter does not use credit scores to determine the approval; it reads the credit history. The MyCommunityMortgage allows the seller to pay closing costs also, so you can usually get into a home with no money out of pocket.

You can usually obtain an FHA loan also (as high as 97% LTV, not 95%) if your credit is clean overall. Again, with FHA, credit scores do not come into play, credit history does. It%26#039;s even possible to obtain a loan (using the above programs) with no credit scores. The other 3% required for down payment with FHA can usually be provided with down payment assistance programs, meaning that you can get into a home for little or no money down.

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

yes

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

it`s 620 here in FL

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

i thought it was 670 for going on stated income meaning u qualify no matter how much you really make.

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

Fannie Mae has recently cut down on the ability of lenders to grant loans at 100% of value. Expect that you will need at least 5% up front to be approved for the home. Unless you find one that is priced below it%26#039;s appraised value.

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

Here%26#039;s the National Credit Score Matrix 2007:

EXCELLENT: 750-850

GOOD: 660-749

FAIR: 620-659

POOR: 400-619

I would also recommend to you that you visit your Lender and get a FREE Consultation about financing options.

You can also request a %26quot;PRE APPROVED%26quot; Letter from the good lenders in America. That way you will have the piece of mind of knowing your APPROVED and what price range to search for in making your real estate investment - right?

GOOD LUCK! :-)

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

As more and more foreclosures hit Florida, it is changing daily and from lender to lender. It will be hard to get 100% financing here, and if you do, it will be at an interest rate that is high.

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

First, do not contact online predators. Spammers, like Marty from Premier Loan Sharks, are wanting to prey upon your situation, not help. You can suffer worse then financial lose, you could be giving your credit information to an identity thief and suffer for years to come. It is especially hard to deal with if you deal with anotehr country, there is no way to know where someone online is really located and if you have any legal rights if they steal from you.

What is the lowest credit score one can have and still obtain 100% (home) financing in Florida? In IL 620.?

There are still a couple lenders that will do 100% financing with a 600 score.