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REMN Announces FHA Financing With a Minimum 600 Credit Score

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Mortgage and Lending with CMG Home Loans NMLS 248937

 

 600

 I wish I could figure out a better way to add a PDF to my blog... Not very pretty, but above is the latest news!

Yes we can approve an FHA loan with Scores as low as 600.  There are restrictions for the lower scores such as:

  • 2 months reserves
  • Payment shock must be less than 50% (and there needs to be a verifiable housing history for rent or mortgage)
  • No "Major" Derogatory on the credit report in the past 24 months
  • strict ratios

It is a move in the right Direction and another tool for your tool box to help get your clients into their new home.

Have a great week. 

Rob

Robert Rauf

Mortgage Banker

NMLS ID# 248937

www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

RRauf@REMN.com

Since 1987 I have been helping my clients fulfill their dream of home ownership!

Real Estate Mortgage Network Inc.

remn 

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Show All Comments
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Wow!  Haven't seen this in a LONG time!

Mar 10, 2011 07:35 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Great knowing these rules of the game Robert and this is exciting news for borrowers.

Mar 10, 2011 08:06 AM
Tim Peterson
Wisconsin Realtor Safety and Concealed Carry Classes - Madison, WI
Realtor Safety Training Classes

That's great-wow only 600 with 3.5% down-open the floodgates-its about time

Mar 10, 2011 03:01 PM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Rob:

How about that....now it's 600..

By the way, it was great to see you again earlier today! 

Mar 10, 2011 03:52 PM
Robert Rauf
CMG Home Loans - Toms River, NJ

Mirela, I was surprised when we did this too, we were at 620 previously while there are still many lenders at 640 and 660 as minimums. 

Gary, this gives the buyer that may have had issues durring the recession to be able to buy instead of rent!

Tim, Not sure if we will see flood gates, but it certainly is a step in the right direction!

Toula, great to see you last night as well!  Congratulations again.

Mar 11, 2011 01:58 AM
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