FHA guidelines, VA, USDA, 203K, Home Path and Home Path Renovation Loans
The FHA states that the Credit Score needed for FHA Loans is 580. The majority of Lenders and Banks need a 640 score for FHA loans. Finding a reputable Lender that can offer FHA loans to borrowers with bad credit credit scores can be difficult.
Home buyers who qualify for an FHA loan, but do not have funds for the down payment and closing costs. There are certain income and credit score requirements for these types of programs, which vary by location.
The NHF Home Buyers Program (National Homebuyers Foundation) is designed to help low- to moderate-income buyers achieve the dream of home ownership. Read more
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms such as lower credit score requirements.
Typically the lower your credit score is the higher the closing costs are. On average you can expect to pay between 1-5%..
90/10 and 80/10/10 Jumbo loan products may be available in your state if you meet certain criteria.
How your credit scores are calculated
- Payment history 35%
- Debt owed 35%
- Length of credit history 15%
- Inquiries 10%
- Mix of credit 10%
Your mortgage credit scores could be higher or lower, every situation is different. Our mission is to help our clients throughout the home buying process, we have established relationships with lender that can lend to borrowers with low credit scores. The majority of our clients are referrals from real estate agents because we offer a free service no other company does. We work hard to find you a lender to approve your loan, if your scores are too low we have a free credit repair guide we offer in the event we are unable to get you approved by one of our lenders.