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We have just announced that we now allow FHA loans with no credit score.  This means clients with no credit score(or one score) are allow to get a FHA mortgage with a 20% down payment.  They could also refinance their home with a max loan of 80% of their home's value.  Here are the requirements:

  1. 20% down payment
  2. No credit score or one credit score
  3. Min 10 months of Mortgage payment in reserves
  4. If Self Employed, must be for 3 years. 
  5. No Gift Funds, all funds must be the borrowers
  6. Interest Rate and fees maybe more then a normal FHA loan
  7. the credit must be approved and can not be all collections. 

Most lenders now require a 640 credit score for FHA loans.  Which makes this loan an amazing program.  Also know that I do FHA loans under a 640 score(620 to 639) and under 620(580 to 619)

 

 

 

David Krichmar 

Mortgage Banker/Broker

Schmidt Mortgage Company

Approved MCE Instructor

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

DaveYourMortgageGuy.com is Voted the #1 Mortgage Company in Houston, Texas.  2010

If you are looking for a mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, The Woodlands, Montgomery County or anywhere in Texas I am your GUY!

 

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Posted by David Krichmar on March 14th, 2011 4:36 PMPost a Comment (0)
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