First Time Home Buyers Network

First time home buyers helpful tips…

Featured In:

First Time Home Buyers get an FHA loan with a 580 credit score

First Time Home Buyers get an FHA loan with a 580 credit score
Share

First time home buyers who are worried their credit might not be good enough to qualify for a home loan, we have a solution.

Most lenders will tell you that in order to get an FHA loan, you need a credit score of at least 620 to 640. That’s not the FHA’s rule. That’s the lender’s rule. In the mortgage business that’s referred to as an “overlay”. Overlays vary from lender to lender, so shop around and find a lender whose overlays match your credit profile.

Related: How do I get approved for a first time home buyer loan?

As a direct lender, we are able to offer our exclusive FHA Low FICO Program to borrowers who have credit scores as low as 580.  No credit score?  No problem with our FHA Low FICO Program.

Enjoy all the benefits of FHA financing:

·      Same 3.5 percent down payment

·      Same traditional closing costs

·      Same loan amounts

Please note that certain restrictions do apply, additional documentation is required and your interest rate might be slightly higher.

Related: First Time Home Buyers will rock the house in 2014

Don’t let bruised credit… or even no credit… prevent you from purchasing a home.  We’re eliminating barriers, so you can realize the American Dream: owning a home of your very own.

We have helped countless first time home buyers, even those with low credit scores and they all have one thing in common, they contacted us.

Contact a First Time Home Buyer Specialist

1
Like
Save

Comments

Write a comment