FHA Home Loans with a 620 FICO Score in Arizona
While the majority, if not all, of the lenders are restricting your home buyers with a 640 FICO score, Academy Mortgage will allow buyers with a 620 FICO Score to purchase a home with an FHA loan in Arizona.
The parameters are as follows:
- Maximum PITI may not exceed 33% of total qualifying income
- Maximum total monthly obligations including PITI may not exceed 45% of total qualifying income
- 2 months of reserves will be required covering 2 full months of PITIA for subject property
- Gift funds are not allowed for down payment, closing costs, prepaids, reserves or any other purpose (i.e. debt pay offs)
- Price hits for this FICO range will be administered and disclosed by Secondary on the rate sheet.
- Not eligible for ARM’s
- Not eligible for non-occupant co-borrowers
- Not eligible for flips that fall into the 0-90 day time frames
Call me today to learn more.
ABOUT TED CANTO
Ted is an experienced Mortgage Advisor for the last 13+ years and is also known for his mortgage commentary and internet workshops within the real estate community. Also known as "The Mobile Mortgage Pro", Ted has honed the power of the smart phone, laptop, tablet computing, text, email and social media to ensure that he is always accessible to his clients' “wherever, whenever” to meet their needs. Ted has helped thousands of families finance their new home or refinance their current home in the Arizona and California market. Call, text, or email him to discuss your home financing @ 480.650.8602 or ted@tedcanto.com
Ted Canto
