Do you have a friend or family member who is thinking about buying a
home, or refinancing their current home? I build my business by
referral, so if you know of someone who could use the expert advise of a
mortgage lender or finance officer please don't hesitate to give me
call. I'd be more than happy to provide a FREE Consultation.
Welcome back to my video blog. I have some great news for low FICO borrowers.
Gateway funding has now reduced our minimum FICO requirements for FHA borrowers down to 600 credit scores. There are a few restrictions as it still follows normal guidelines set by the FHA. For FICO scores between 600-619, our maximum debt-to-income ratio is 43% and there can be no mortgage lates in the last 12 months. Nonetheless, this is a really excellent opportunity to open doors for eligible clients.
You will also need at least 3.5% of your own funds and three month's reserves. For example, whatever your principle in interest payment is, perhaps it's $1,000, we want to see that you have $3,000 in your bank account or in a retirement account after all of your closing costs have been paid.
Overall this is really great news, so if you know anyone that wants to get qualified – be sure to let us know. If you're not sure about your credit, feel free to give us a shout. Call me at (215) 591-0222 x 1630 or visit www.therightloanforyou.com
Hopefully we can get this spring market moving. Thanks for tuning in again!
