FHA Loans Available for Buyers with Credit Score of 580

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.

FHA Loans

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

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.

FHA Loans

For more information, contact Joe Callahan at joseph.callahan@fcbmtg.com or at (215) 913-8581. NMLS ID# 418995