FHA and VA Loans for Low Credit Score Borrower = 580 Credit Score

By
Mortgage and Lending with ResMac Mortgage

ResMac Mortgage has exciting news on the FHA and VA front. We now approve low credit score borrowers down to a 580 middle credit score. ResMac is highlycapitalized and as a result we are able to approve and fund loans most other lenders can’t even touch.

In the past several years loans and mortgages for low credit score borrowers have completely dried up. This resulted in many consumers being left in a situation where they could not obtain a mortgage simply because their credit scores were too low to qualify.

FHA’s recent strategy has involved getting back to their roots, and that means primarily financing purchases. A recent statistic indicates that 20% of loans refinanced in the past two years through FHA have either defaulted on payments, or are currently behind 30 days or more. In turn, FHA has increased the monthly mortgage insurance premiums to curb the number of refinances and focus strictly on insuring new home purchases. The other part of FHA’s strategy is to help encourage private sector lending and stabilize the lending markets.

As a result, ResMac is stepping up our FHA and VA low credit score programs, reducing the minimum credit score to 580. Being a direct pass through lender to FHA and VA insures there are no additional investor overlays to these programs.

For more information please contact us at 800.917.7002 or email at info@res-mac.com. Our loan officers are standing by to help pre-qual and work with your purchase clients.

Benefits of working with ResMac Mortgage

-          Low credit score FHA and VA loans

-          21 day average application to funding

-          Available 24/7 for our real estate professionals

-          We always answer our phones

All we ask is that you trust us with one of your clients. We guarantee you will never want to work with another lender again.

Comments (1)

Anonymous
mike hollifield

can u work with me, getting out of chapter 13, in two months. paid 100 percect ,,,credit score is around 600 at this point [i made 12 payments to trustee]  same job for 23 years,,,,i have assets to cover 100 percent of money for loan,   would like to go va,,,,i am qualified      if u like can call me 813-368-2044,,,,live in tampa   tks

May 20, 2012 04:40 PM
#1