25 April 2014

Tooele Home Loans For Low Credit Scores

Chris just posted information on his blog about Tooele home loans for low credit scores. Actually the loans are for home buyers whose FICO scores are less than perfect.  These home buyers have been waiting in the wings until they can achieve a FICO score of at least 640 so they can qualify for a loan.

It looks like FHA has seen a demand to provide help for that segment of the market.

We know from experience that it takes awhile to bring those scores up, and while that is happening either home prices could go up, or interest rates would rise to rates that would decrease the amount of house that a buyer could qualify for.

Maybe both!

It looks like there is no need to wait.

Here are the important points

  • FICO Score of 500 to 580 require 10% down payment. (must be own funds).
  • FICO Score of 580 to 619 requires 3.5% down payment (must be own funds)
  • FICO Score of 620 to 640 requires 3.5% down payment (can be gifted)

Here is what Chris had to say about these loans in his blog.

New FHA program for Tooele Home Loans For Low Credit Scores!

Like every other Tooele County Realtor®, we are always looking for good loan products for our clients. In this day and age of tight standards in the lending industry, it's especially difficult to find product for those that have had credit issues. However, thanks to a new program we've learned about from Valerie Ekins of Primary Residential Mortgage, the search may be over for folks that don't have a 640 FICO score. 

According to Valerie, the new FHA Choice program can make homeownership a reality for those with scores as low as 500.

Obviously, there are some hoops to jump through, but not insurmountable ones. 

FHA Loan Overview

For those with a FICO of 580-619, they still have a  regular FHA-required 3.5% down requirement, but it must be their own funds, meaning no gift funds. From 620-640, that 3.5% can be gifted. 

For those folks with a score between 500-580, a down payment of 10% is required, of their own funds

In addition, there can be no late payments or other hiccups in the last year with any of the 'Choice'. Admittedly, not an easy road, but much better than just hearing a continual 'NO' from every lender out there!

So, if you're looking for a home in Tooele County and have some credit issues, call Berna @ 435-840-5029. The American Dream is available to you!

 

Chris has put my phone number in his post, but i will put it here again for you. Berna 435-840-5029. I know how to get these loans done, i know where the best home buys in Tooele are listed, and i know the best lender for making Tooele home loans for low credit scores.

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