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FHA
LESS THEN
PERFECT CREDIT
MORTGAGE
There's Hope For Every Home Buyer With Less Than Perfect Credit
Have you been turned down by other mortgage lenders in St. Louis, St. Charles or anywhere in Missouri for a mortgage because of less than perfect credit? Are you concerned because you know you have had credit issues in the past or you just aren't sure of your credit situation?
We have all heard it is getting harder and harder to get a new home loan, especially if your credit scores are less than perfect. Currently, FHA allows for less than perfect credit score mortgage approvals, but many lenders have their own overlays to what FHA wants.
Today if you don't have a middle credit score higher than 620 to 640 many lenders are just saying NO to all home buyers unless you can put down more than 20% on your new home purchase.
Your 580 Credit Score or Higher May Get You a New Home!
FHA, is one of the best mortgages available to St. Louis, St. Charles and Missouri first time home buyers, home buyers with little money saved, less than perfect credit home buyers, or under employed home buyers.
FHA, has a mortgage program available to home buyers that have minimum credit scores of 580 or higher! But, most lenders ignore this program's guidelines to overlay even more restrictions on you to make it harder to get your new home.
Do you have credit scores between 580 and 599 and want to buy a new home? If you can meet these guidelines you should contact me because it is HIGHLY POSSIBLE that very soon you will be purchasing a new home:
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Middle 580 credit score for all borrowers for all reporting credit bureaus
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Minimum 10% down payment, no gift funds
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Maximum total debt to income ratio of 36% of your gross monthly income
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Maximum housing debt to income ratio of 31% of your gross monthly income
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If renting 12 months of perfect on time payments
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Minimum of 2 months total house payment in reserves after closing
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Chapter 7 bankruptcy discharged for 2 full years
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Chapter 13 bankruptcy; must have been successfully completed for a minimum of 12 months
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Foreclosures, 3 years of seasoning
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No new derogatory credit accounts after the bankruptcy
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No collection accounts more than $1000, excluding medical collections
- Your new house payment cannot exceed your current rent by 1.5 times
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Primary residence / owner occupied
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Purchase only
Do you have credit scores between 600 - 619? You are probably having difficulties with finding a lender willing to provide you the mortgage to purchase your next new home. If you can say YES to these guidlines, than you owe it to yourself to contact me.
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Middle 600 credit score for all borrowers for all reporting credit bureaus
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Minimum 5% down payment, no gift funds
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Maximum total debt to income ratio of 43% of your gross monthly income
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Maximum housing debt to income ratio of 31% of your gross monthly income
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If renting 12 months of perfect on time payments
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Minimum of 2 months total house payment in reserves after closing
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Chapter 7 bankruptcy discharged for 2 full years
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Chapter 13 bankruptcy; must have been successfully completed for a minimum of 12 months
-
Foreclosures, 3 years of seasoning
-
No new derogatory credit accounts after the bankruptcy
-
No collection accounts more than $1000, excluding medical collections
- Your new house payment cannot exceed your current rent by 1.5 times
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Primary residence / owner occupied
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Purchase only
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Seller concessions available up to 3% for closing costs
Do you have a 620 or higher credit score, then look at these guidelines! These are the most favorable FHA underwriting guidelines available, with this mortgage program there is no reason you shouldn't be in your next new home within 30 days!
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Middle 620 credit score for all borrowers for all reporting credit bureaus
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Minimum 3.5% down payment
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GIFT ALLOWED for down payment
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Maximum total debt to income ratio of 45% of your gross monthly income
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Maximum housing debt to income ratio of 31% of your gross monthly income
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If renting 12 months of perfect on time payments
-
Chapter 7 bankruptcy discharged for 2 full years
-
Chapter 13 bankruptcy; must have been successfully completed for a minimum of 12 months
-
Foreclosures, 3 years of seasoning
-
No new derogatory credit accounts after the bankruptcy
-
No collection accounts more than $1000, excluding medical collections
- Primary residence / owner occupied
-
Purchase only
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Seller concessions up to 6% for closing costs
NOT TOO BAD! YOU CAN HAVE A NEW HOME!
Now that you have seen what FHA and USA Mortgage want to help you get your new new home and the financing for that new home do you think it's possible? Then give me a call and let's discuss how we are going to get you pre-approved to buy your new home.
Is you credit scores below a 580 but you can meet all the other guidelines required of this FHA mortgage program? Then let's talk and make a game plan to get your credit scores higher. Many times I have helped home buyers just like you get their scores higher in 30 to 45 days, sometimes less.
Are You a Missouri Home Buyer?
My name is Bob Rutledge and I am an 18 year mortgage lender veteran with offices in the St. Louis and St. Charles area. If you are looking to purchase a new home in St. Charles, St. Louis or anywhere in Missouri and need help getting a new home I would welcome the opportunity to provide you all the possible help in getting you your next new home. Do you have questions and don't have anyone to ask? Please feel free to contact me at any time.
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