Did you know we still have an FHA portfolio program that will take credit scores down to 580?
I know you have probably heard that if your score is below 620 you don’t have a shot at a mortgage – not true.
The keys for this FHA portfolio program are the following…
1) Your back end debt to income ratio can’t exceed 43%.
2) You must be able to prove you paid rent for the past 12 months. …Usually by providing canceled checks.
3) Your last 12 months of credit needs to be pretty clean. …no collections or charge offs in the last 12 months.
So, if you are in this situation – let me know and I’ll see if you qualify.
…by the way the rates are very low right now – so if you were considering refinancing you’re smart to do so. I can work up what your new payments would be, and you can decide if refinancing makes sense for you.
Thanks for reading and have a great day!
Brett
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