Geneva Financial is excited to announce that we are now accepting credit scores as low as 580 on FHA Mortgage Loans.
Previously FHA Loans required a minimum credit score of at least 600 or higher, We are now accepting credit scores as low as 580 !
What does this mean?
We can now serve an even wider range of humans finance the home of their dreams! Your dreams of homeownership may be easier to achieve than you think!
Let’s Dive Into FHA Loans:
What is a FHA Loan?
An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. These loans are designed for low to moderate-income borrowers.
What are the requirements of an FHA Loan?
FICO® score at least 580 3.5% down payment.MIP (Mortgage Insurance Premium) is required.Debt-to-Income Ratio < 43%.The home must be the borrower’s primary residence.Borrower must have steady income and proof of employment.
Who can qualify for an FHA Loan?
FHA loans are often a popular choice for a first-time homebuyer. FHA loans require a lesser deposit than a conventional loan and can help keep costs low when purchasing a home. They may also require a lower credit score in comparison to other loans.
Curious to see what your home payment would look like?
HOME PAYMENT CALCULATOR
Get in touch with YOUR loan officer today. To find a loan officer click HERE