Thursday, August 15, 2013

Quicken Loans Lowers Minimum Credit Score Requirement on FHA Loans

Quicken Loans Lowers Minimum Credit Score Requirement on FHA Loans

Good news has returned for consumers interested in FHA loans who may not have qualified in previous months.  At Quicken Loans, consumers may now qualify for an FHA loan with a credit score of 580 and above.
Qualifying clients can lock in a low fixed rate on a 30-year, 25-year or 15-year program.  Adjustable rate mortgages and jumbo loans are not available to clients with FICO scores between 580-619.
FHA loans are designed to make housing more affordable with lower down payment requirements than conventional loans on purchases and less home equity requirements on refinances.  Less stringent qualification guidelines and the security of a government-insured loan makes FHA a popular choice for consumers.
Additional underwriting guidelines may apply when qualifying for a loan with a credit score of 580.  With low refinance mortgage rates and unbeatable client service, there’s no better time than the present to start saving money with what is likely your largest asset.
Contact a Home Loan Expert to find out more about this opportunity.

Kentucky FHA Loans with 580 Credit scores and – Low Down Payment – 3.5% which can be gifted from relatives or borrowed off one's retirement account.

  • Low down payment
  • 580 minimum credit score-
  • FHA  max loan – $271,050 in the State of Kentucky
  • FHA approved condos eligible
  • Entire Down payment can be a gift, a down payment assistance program or grant funds
  • Seller can pay 6% of purchase price toward closing costs
502-905-3708 Kentucky FHA Loan Mortgage Lender for 580 scores 

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