Mortgage Loans Down to 580

580 Credit Score Program

This is an FHA Mortgage that allows borrowers with lower credit scores to get into a home. Many people believe that if you have a lower credit score that automatically disqualifies you to purchase a home. Well, this is wrong?

With an FHA Mortgage, you can still be able to qualify for a loan even if you have a few blemishes on your credit report and we work specifically with mortgage institutions that will allow a 580 credit score.

With most lenders, you will have to qualify with a higher credit score. This can be frustrating for you the borrower if your credit score does not meet their requirements.

We would like to help! With the threshold lowered people with not so perfect can still qualify for a home loan. Schedule a call with us to see if you qualify.

What is FHA?

*A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores usually required

The FHA loan is designed to help low- to moderate-income families attain homeownership. They are particularly popular with first-time homebuyers.

KEY TAKEAWAYS

  • The federal government insures FHA loans.
  • Because they are insured, banks are more willing to loan money to homebuyers with relatively low credit scores and little cash, as low as 3.5%, to put down on the purchase.
  • First-time homebuyers may find that an FHA loan is the most affordable mortgage option.
  • Even if you had a bankruptcy or foreclosure in the past you may still be able to qualify for a mortgage

How Do I Qualify?

*Your mortgage professional will evaluate your qualifications for an FHA loan as it would any mortgage applicant, starting with a check to see that you have a valid Social Security number, reside lawfully in the U.S., and are of legal age (according to your state laws).

FHA loan criteria are less rigid in some ways than a bank’s loan criteria. However, there are some more stringent requirements.

Whether or not it’s an FHA-guaranteed loan, your financial history will be examined when you apply for a mortgage.

Here is a list of SOME of the requirements:

Please contact us to see if you qualify. Criteria are subject to change

  • Credit score 580 or higher for the minimum down payment of 3.5% – 10% depending on overall credit and income.
  • Bankruptcy must be at least 1 year old for chapter 13 and 2 years for chapter 7
  • Must have a work history of at least 2 years with no gaps. You can qualify under special circumstances.
  • Must occupy the home for at least 1 year
  • Can have a few blemishes on credit report
  • Contact us for a full thorough evaluation.

*source: Investopedia

Ameerah Rounds NMLS #1939069

www.nmlsconsumeraccess.org

Brokered through Groves Capital

NMLS # 1678775

4025 Stonebridge Ln
Rancho Santa Fe, CA 92091
Phone: 1-888-611-0998

Approved States

AR, AZ, CA, CO, FL, HI, ID, NJ, OH, OR, PA, SC, TN, TX, VA, WA, WY

AMEERAH ROUNDS, RESIDENTIAL MORTGAGE LOAN ORIGINATOR, 1939069, GROVES CAPITAL, INC.,4025 STONEBRIDGE LANE, RANCHO SANTA FE, CA, 92091.THE PRINCIPAL AND INTEREST PAYMENT ON A $203,500 30-YEAR FHA FIXED-RATE LOAN AT 3.625% AND 96.5% LOAN-TO-VALUE (LTV) IS $1,087.14. THE ANNUAL PERCENTAGE RATE (APR) IS 4.716% WITH ESTIMATED FINANCE CHARGE OF $5,600. PAYMENT INCLUDES A ONE-TIME UPFRONT MORTGAGE INSURANCE PREMIUM (MIP) AT 1.75% OF THE BASE LOAN AMOUNT AND A MONTHLY MIP CALCULATED AT 0.85% OF THE BASE LOAN AMOUNT. THE 0.85% MONTHLY MIP IS REQUIRED FOR A SPECIFIC PERIOD OF TIME REGARDLESS OF YOUR DOWN PAYMENT OR EQUITY IN YOUR HOME. THE PRINCIPAL AND INTEREST PAYMENTS, WHICH WILL CONTINUE FOR 360 MONTHS UNTIL PAID IN FULL, DO NOT INCLUDE TAXES AND HOME INSURANCE PREMIUMS, WHICH WILL RESULT IN A HIGHER ACTUAL MONTHLY PAYMENT. RATES VARY. SUBJECT TO BORROWER APPROVAL.