Many of you know that I can do FHA loans for credit scores between 580 and 600.
However, I wanted to make sure you aware of the two most important elements of getting an approval on this loan program for lower scores.
1) You need to have at least 2 open and active trade lines with at least 12 months of history.
2) You need to have pretty clean credit history for the past 12 months.
In other words the underwriter won’t want to see a lot of lates, and collections that have occurred in the past 12 months.
If your score falls in this range and you want to see if you would qualify for a mortgage – just contact me, and I’ll see if we can get you approved.
That’s it for today. I hope you have a good day. Thanks for reading this email!
Brett
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