Member Eric Jeanette
MemberForum Replies Created
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FHA guidelines are extremely flexible and allow for credit scores down to 500. Unfortunately most lenders have their own overlays which limit how low they are willing to go when it comes to credit scores.
As you know, it is not just about the scores but also what is on the credit report. Sometimes disputes need to be removed, collections resolved, etc.
Finding a lender that can work with a 500 credit score may be challenging. However, an FHA loan will likely be your path to home ownership if you have poor credit.
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I agree that a true lender is one that will help borrowers based upon the HUD guidelines as they are written and without overlays. There are very few lenders who are willing to help with an FHA loan with bad credit.
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There are also a handful of DSCR lenders who would allow for a debt service coverage of less than 1.
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If the spouse was the primary income earner and the unfortunate cancer situation meant they could not pay the bills, then it may be possible to get an exception.
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can someone check this for spam?
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I think we will see a lot of people exit the industry just like after 2008
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We need more hard money lenders!
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There are also lenders who offer down payment assistance in the state of Florida. In some instances, you can have the lender provide the assistance as part of their program.
fhalenders.com
FHA Down Payment Assistance Programs for 2023 - FHA Lenders
There are FHA down payment assistance programs that can help to provide some or all of the down payment needed for an FHA loan. Virtually every FHA lender will accept down payment assistance funds or grants to be used towards … Continue reading
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okay I will do that. Some guys are buying expensive cranes for example