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Less than prefect Credit
What type of loan would a borrower with less than perfect credit or other risk factors may qualify for?
If you have less than perfect credit, FHA loan is the best loan program for you. FHA allows home buyers with credit scores as low as 500 FICO to qualify for a mortgage loan and you can have open unsatisfied collection accounts and not have to pay off your collection accounts to qualify for a FHA insured mortgage loan. However, if your credit score falls between 500 FICO and 579 FICO, a 10% down payment is required. If you have credit scores of 580 FICO or higher, then only a 3.5% down payment is required.


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