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FHA & USDA Financing is Still Available For Credit Scores in the Low 500s

Take Advantage of Today’s Great Buying Opportunities!

Most aspiring home buyers are having difficulty qualifying for a home mortgage loan with today’s tougher lending standards than those of just a few years ago. There are still some government backed loans available for buyers of our homes for sale who may have some bruised credit issues.

Our lending partners offer special government insured FHA and USDA home loans to individuals who previously have been unable to receive financing. The minimum score to qualify for most home loans is 620. However, there are government backed special programs that require a minimum score of only 530. For scores under 530, we do have consultants that can often help show you how to receive substantial increases in scores in only 30-90 days.

Many people have several thousands of dollars in collections and subsequently believe they are disqualified from buying a house. Our programs simply ask that you have No New Non-Medical Collections in the past 12 months. Older collections of 12 months or more, DO NOT have to be paid to qualify.

If you have No Credit Scores or don’t have three Active Credit lines, our lenders will allow you to use Alternative Credit i.e. – Rent, Utilities, Cell Phone bills, etc. There can be no 30-day late payments in the past 12 months on at lease three Alternative Credit lines.

Previous Bankruptcy is not a problem as long as it has been two years since your discharge date and you have no late payments in the last 12 months. Three years must have passed if you have had a previous Foreclosure and all Tax Liens must be paid. Judgments must be paid or have evidence of a payment plant that has been in effect for at least 12 months.

The government backed loans have easy down payment requirements. The FHA loans only require a 3.5% down payment and you can receive this in the form of gift funds from a relative or non-profit organization. No down payment assistance programs are available through USDA rural development.

Our clients that enter the Owner Finance, Lease Purchase & Rent to Own home programs are offered credit development assistance to help them towards obtaining any of these aforementioned loans or conventional financing.

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