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 highly
capitalized 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.
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