FHA Direct Lender 500 credit on refis 531 for purchase

Chuck DeMonte · Joined: 17 Apr 2009 Posts: 51

Real quick I know people are having trouble getting loans just wanted to inform loan seekers what my company does.

We are one of the largest FHA lenders in the country and maybe have some most flexible guidelines out there.

We are a Direct Servicer/Lender licensed in 47 States.

I can do rate and term refinances up to 97.75% Loan to value.
85% on a cash out refi
96.5% on a purchase

On refinances I can go as low as a 500 credit with no mortgage lates.
If you havent had any mortgage lates in the past 12 months but within 24 months I need at least a 530

If lates in the past 12 months I need 550 and up.

For purchases I need a 531 and up

I know its tough to get loans so if you need help or just would like to ask a question please feel free to email me.

jimb12345 · Joined: 24 Jun 2009 Posts: 55

how can you give loans for people that have this low of fico score. This is so good for alot of people. What else do you need besides being higher than 500.

Chuck DeMonte · Joined: 17 Apr 2009 Posts: 51

It depends every loan varies. All collections and or judgments need to be paid.

If you had past credit problems you would need to have a good reason depending on the reason and the severity of the credit sometimes you need to document the reason.

For instance if you had credit problems due to medical issues my underwriter might want to see medical bills. Loss of income a check stub showing the old income and now the lower income.

Also if you have had past credit problems once again depending on the severity you would have show current stablilty. Meaning you cant have a bunch of lates recently and you have to be current on open accounts.

If you have any other questions please feel free to email me.

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