Update a 560 middle credit score is now required please check out our credit guide to learn how to improve your score and qualify for FHA.
So what’s the catch?
OK well there is just one catch you’ll need a 10% down payment and some closing cost money OR the seller can pay closing costs.
So how does it work?
The process is the same for our other home loan programs for first time and repeat home buyers. Fill out application, send us income verification and proof of down payment funds along with your credit explanation letter.
We will have the underwriter review and issue a pre approval.
Similar to our super successful 580 credit score home loan these loans are manually underwritten. Bad credit, like charge-offs, repos, and late payments are OK to remain unpaid if they are older than 24 months in your tri-merge credit report.
So what do I do if I don’t have 10% of my own money down?
contact us about using gift funds from a family member or church.
Apply for a pre approval and see if your credit score can be boosted. If we can get it above 580 then you can buy your first home with just 5% down. If we can get it above 600 you can buy with just 3.5% a 3.5% down payment.
Attention real estate agents, builders, and home sellers! Stay tuned and get on our email list we have some BIG announcements coming soon. Hint SIVA!