New FHA program for poor credit!
Like every other Tooele County Realtor®, we are always looking for good loan products for our clients. In this day and age of tight standards in the lending industry, it's especially difficult to find product for those that have had credit issues. However, thanks to a new program we've learned about from Valerie Ekins of Primary Residential Mortgage, the search may be over for folks that don't have a 640 FICO score.
According to Valerie, the new FHA Choice program can make homeownership a reality for those with scores as low as 500.
Obviously, there are some hoops to jump through, but not insurmountable ones.
FHA Loan Overview
For those with a FICO of 580-619, they still have a regular FHA-required 3.5% down requirement, but it must be their own funds, meaning no gift funds. From 620-640, that 3.5% can be gifted.
For those folks with a score between 500-580, a down payment of 10% is required, of their own funds
In addition, there can be no late payments or other hiccups in the last year with any of the 'Choice'. Admittedly, not an easy road, but much better than just hearing a continual 'NO' from every lender out there!
So, if you're looking for a home in Tooele County and have some credit issues, call Berna @ 435-840-5029. The American Dream is available to you!
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