FHA Home Loans Refinancing

FHA Loan Solutions Below 620 Credit Scores

12.06.11

Bloomberg reported that 33% of the U.S. consumers now have credit scores below 620. Since we have been originating FHA products for over a decade, we like the idea of finding a financing alternative for good borrowers that have been setback because of low credit   scores. FHA insures second chance financing for purchase and refinancing FHA loans.

Bad Credit Options with FHA Home Loans

*           DU Approve or Manual Underwrite

*           Debt to Income Ratio up to 50%

*           Late Payments Allowed on FHA Loans

*           Disputed Accounts Ok if they meet the HUD guidelines

*           Verification of Rent

*           Homebuyer Education Course

*           Bad Credit OK with a 10% down payment (500-579 FICO )

*           NO FICO borrowers = 3.5% down payment!

These are FHA mortgages, so all standard FHA guidelines apply – BK 2 years, FC 3 years, Short Sale 3 years, etc. Our lenders also provide loan programs that allow manufactured home loans up to 90% LTV and 2 acres. Even more interesting than that might be the fact that we have a California mortgage with down payment assistance available to qualified borrowers. This down-payment assistance loan programs only require 0.5% down payment on properties financed in the state of California.  Our loan agents may even be able to get you approved with no credit score if you can come up with a 3.5% down-payment.  If they meet FHA loan requirements for alternative home financing solutions, we have purchase and refinance programs with low fixed interest rates.

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3 comments so far

Who does one contact for more information on these FHA home mortgages?
Please give more information.
Thanks Erin

Find me loan agents that may be able to get
approved with no credit score if borrower can come up with a 3.5 % down payment. Please e-mail me at http://www.teddiebenoit@netscape.com

Helo I have a lease purchase home and I have been paying 975.00 oer month for 2 years. My credit score is around 620. I have no debt and i ahve had my job same occupation for 7 years if you know any bank please advise thank you



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