• ¡Welcome to Lending Network!
  • America's Fastest Growing Loan Scenario Online Forum
Hello There, Guest! Login RegisterLogin with Google+


Welcome to Lending Network! America's Number One Loan Scenario Help Center For The Public Join Our Lending Network Online Community Forum And Ask Your Loan Case Scenarios To Our Moderators & Real Estate Professionals.
It takes seconds to become a member. Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum.

Thread Rating:
  • 1 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Less than prefect Credit
#1
What type of loan would a borrower with less than perfect credit or other risk factors may qualify for?
 
Reply
#2
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.

 
Reply
  


Forum Jump:


Browsing: 1 Guest(s)