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.