Florida Lenders for Credit Score 500

Florida Lenders for Credit Score 500

FHA loans have been helping people become home owners since 1934.

1. A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to get an FHA loan. FHA allows 3.50% down payment and you can finance up to 6% for closing costs with only a 580 Credit Score.

2. First time buyers need a minimum credit score of 500 for an FHA loan approval. FHA allows you to make a down payment of only 10% if you have credit scores below 580. Down payment funds plus closing cost must be from the borrower's own funds. No gift funds.

3. Lease with option to buy mortgage. Lease with option to buy allows a renter to buy the property they are renting. A lease option mortgage allows for sellers credit. No money down mortgage option.

4. FHA 203k mortgage loan. Rehab a Home with a HUD 203k Rehab Program. The FHA 203k program makes it easy for borrowers to purchase and remodel a property, and for current homeowners rehab your home with one loan.

5. Gift of equity mortgage loan. A gift of equity is a transfer of ownership of a property to a family member or someone. Gift of equity down payment and gift funds requirements.

6. FHA down payment. FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed.

7. FHA closing cost. FHA regulates some of the closing costs associated with a FHA loan. FHA allows the seller to pay up to 6% of the sales price for closing cost.

8. FHA credit. FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

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Florida Lenders for Credit Score 500

FHA refinance - Need to lower your monthly payment today for a better tomorrow. Start your refinance online now!

• FHA rate and term up to 97.75% loan-to-value
  
• FHA cash out up to 80% loan-to-value
• Minimum 500 credit score

Probably the two most common reason for refinancing is to lower your monthly payments or take cash out. A good way to save is by lowering your interest rate in order to ensure the most savings.

If you need to take cash out FHA minimum credit score is 500 to get an FHA loan approval.

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

We look forward to working with you.