FHA has recently introduced a new FHA program for borrowers with less then good credit. This will greatly open up the floodgates to people who could not qualify for a new home mortgage in the past. Some of the highlights of this program are the following.
- FICO scores down to a 500. 1 score is acceptable for Purchase, Rate and Term, and Cash out Refinance.
Any score under a 580 and you will need to put at least 10% down on your new home purchase. A score of a 580 or higher, you will only need the standard 3.5% down. If you are concerned about your down payment, and do not have 10% with a score lower then 580, we can point you in the right direction in regards to getting your credit reestablished.
Other highlights of this amazing program are
- Non-occupying co-borrowers allowed
- No tradeline requirements
- Non traditional credit accepted
- Back to Work Program Okay
If you have further questions and would like to inquire more, you can reach Brian Quigley at 720-524-3215. This is an amazing product, and FHA understands that your credit history is not a true reflection of your ability to repay a mortgage.
About the Author
Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.