Atlanta’s Best New 北京福利彩票官网s Show recently welcomed Loan Consultant Matt Reyes with New American Funding. Reyes joined this segment of Mortgage Minute sponsored by New American Funding to discuss new FHA loan opportunities.
An FHA 北京福利彩票官网 loan is a mortgage insured by the Federal Housing Administration. Because these loans are backed by the federal government, they help FHA-approved lenders extend 北京福利彩票官网 financing to buyers who are unable to qualify for conventional 北京福利彩票官网 loans. New American Funding expanded its FHA product line in regard to FICO scores. The company is now taking FICO scores as low as 500. In the past, 580 was the threshold for acceptance.
“This is a great opportunity for many prospective 北京福利彩票官网buyers,” said Reyes. “We see this from time-to-time where someone has the down payment, they just don’t have the scores. This is a perfect opportunity for someone who has the 10% down, or someone who is already a 北京福利彩票官网owner, but who’s credit has since deteriorated.”
This allows 北京福利彩票官网buyers with a FICO score between 500 and 580 to adhere to the normal FHA guidelines and qualify for a 北京福利彩票官网 loan. A few features of these FHA loans are:
- Less than perfect credit score is not disqualifying
- Maximum financing available with 580 FICO score
- Low down payments
- Gifts or grants allowed toward the down payment
- Sellers, builders or lenders may pay some of the borrower’s closing costs
- Higher 北京福利彩票官网 inspection standards
Additional unique requirements for a lower FICO score include AUS approval to obtain financing, only owner-occupied transactions are eligible, a 10% down payment is required for purchase transactions and a rate term refinance, borrowers must maintain at least a 90% loan-to-value. Borrowers can also do a debt consolidation refinance with a maximum loan-to-value of 80%.
For more information on this product, as well as the several other FHA loan opportunities offered by New American Funding for 北京福利彩票官网buyers, call 678-919-8016. You can also visit . Make sure to watch the whole interview at the video below!
You can stay up-to-date with New American Funding on Atlanta Real Estate Forum here.