Are the days of strict lending standards over? First Choice Loan Services, Inc. recently introduced an exciting new program for potential home buyers with less-than-stellar credit.
The boutique-style lender is now offering FHA loans to borrowers with a credit score of 580 with a 5% down payment. The program is also offering down payments as little as 3.5% with a non-occupying co-borrower. Plus, financial gifts are allowed.
FHA loans are popular with first-time homebuyers, as the credit score and down payment requirements are significantly lower than for a conventional loan. However, it’s important to note that FHA loans typically require higher mortgage insurance premiums than conventional loans. Conventional loans typically require a minimum credit score of 620.
For more information, contact Joe Callahan at joseph.callahan@fcbmtg.com or at (215) 913-8581. NMLS ID# 418995