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If you’ve recently applied with a “big bank,” you may not have received the answers and service you were looking for. This may be largely due to their stringent loan guidelines and, in some cases, virtually impossible conditions for them to approve your loan application. If you find yourself among the thousands of people who have struggled during the recent hard economy and now have a low FICO score, the question you may be asking is where do you go to finance a home?
Platinum Home Mortgage is a direct lender that offers more mortgage programs than any other other… bar none. And we have your answer with our FHA Low FICO Program. We understand that life happens and we are happy to look at your overall credit profile, not just your FICO score to help you finance your dream home. And you don’t always have to sacrifice today’s low interest rates, either.
Most Banks Will Not Lend Without a Minimum FICO Score of 640
Most banks keep a FICO score threshold of about 640. If you don’t fall within this range, you will likely not be able to obtain financing. Platinum Home Mortgage accepts applications with FICO scores as low as 580, when other criteria are met.
Low Credit Score Loan Applications Guidelines
There are some guidelines that borrowers must comply with, such as mortgage payment ratings, evidence of payment history via canceled checks or utility bills, and also demonstrated proof of cash reserves. For the most part, these are easy guidelines to meet.
Industry-Wide Interest Rates Remain In Effect
Borrowers with low or no FICO scores may be able to obtain interest rates that are in line with today’s historic low levels, depending on the individual circumstance of each application.
Low Down Payments Available
Assuming an FHA mortgage or other similar loan product, most qualified buyers today can get into a home with as little as 3.5% down on a purchase. Also, seller concessions are still very much a part of many real estate transactions and we regularly see home buyers bringing even less to the closing table with closing costs, pre-paids and points often being covered by the seller.
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To find out if you qualify, contact us today. We look forward to helping make your real estate dreams become a reality!
626 712 3052
ssharma@ephmc.com
