It's Back an FHA Loan with a 580 FICO - No this isn't a joke!
Now this is something I really need for my clients how refreshing that a lender realises that not everyone can have perfect credit anbd that everyone deserves a second chance - for more information on getting access to this product call me so we can help you buy a home at these record low prices and rates. Thanks Mark Taylor
It's Back an FHA Loan with a 580 FICO - No this isn't a joke!
With months of investor overlays, credit restrictions, and an overall hesitance by banks to lend but to only the "cream of the crop", financing to the masses of the population below 640 mid credit score or 20% of the country (source:http://www.creditscoring.com/average) has become very difficult.
A statement of fact that I can already hear groans of "Durrrr" from my agent partners.
So what do we do to help our agent partners boost their business by 20%! Or to be able to help almost every client that they meet by saying hey my mortgage guy can help you get into a house - or at the very least help you reduce the cost of your credit so when you are ready you can buy a home!
So how can we help you?
Simple launch a FHA loan program like: "It's Back an FHA Loan with a 580 FICO - No this isn't a joke!" that brings us back to the old days and designed to help more home buyers!
Mark get to the point!
So if your client has as 580 FICO mid score or greater they can now get a loan, they do not need a 640 or better mid score.
How does it work...
- debt ratios are 31/43% no exceptions
- all collections must be paid except medical
- bankruptcy must be 24 months since discharge NO EXCEPTIONS
- Foreclosure, DIL, Short Sale 36 months since date reported NO EXCEPTIONS
- no condos
- no loan amounts less than $75,000
- all loans are manually underwritten
- contracts cannot be entered into until an approval is issued
- no escrow hold backs
- no HUD homes
- loans cannot be locked until appraisal is received
- rates are based on current market and small overlays based on each credit tier - makes sense lower score higher rate based on risk factors.
Who does it help...Anyone that wants a $75,000 or greater home, has 3.5% down from gift or savings, and wants a home and a way to build credit and enter the real estate market.I am very excited because i have a 60 point FICO swing to work with an extra 20% of the market to help, and I now have to do less credit restoration for clients and there fore less buyer fall out - I hope you are as excited as me. Feel free to contact me for more information EMAIL.Thanks for reading my blog; It's Back an FHA Loan with a 580 FICO - No this isn't a joke!
This Active Rain post is by Mark Taylor, to get your free mortgage approval please call 602-361-0707. Please click on the links below to view my AWESOME websites!
Mark Taylor | Arizona Home Loans | Blarming | Will You Listen to Me | Arizona Short Sales | Arizona Foreclosures | Arizona FHA Loans | Arizona USDA Loans | Arizona HUD Homes | Ariona VA Loans | Fix My Broken Credit | Arizona Mortgage | AZ Short Sale Help
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