FHAFHA Credit Score

LESS THEN

PERFECT CREDIT

MORTGAGES
and HOME LOANS
 

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, Kansas City, Columbia, Cape Giradeau, Springfireld 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 640 many lenders are just saying NO to any home buyer 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, Kansas City and all of 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 a minimum middle credit score of 580 or higher! (BTW, is your credit score less than 580, FHA can address that too) But, most lenders ignore this program's guidelines to overlay even more restrictions on you making it harder to get your new home.

The Key to getting a new home loan for the purchase of a new home is working with the correct mortgage loan officer AND the correct mortgage lender. Experience, knowledge, and the willingness to work with home buyers with less than perfect credit or worse!

WHAT IS YOUR CREDIT SCORE?

Do you have credit scores between 580 and 599 and want to buy a new home? If you can meet most of these guidelines you should contact me because it is HIGHLY POSSIBLE that very soon you will be purchasing a new home:

  • Middle 580 to 599 credit score for all borrowers for all reporting credit bureaus
  • Minimum 3.5% down payment, but 5% would help a lot
  • Maximum total debt to income ratio of 43% of your gross monthly income
  • Maximum housing debt to income ratio of 31% of your gross monthly income
  • If renting 12 months of perfect on time payments
  • Minimum of 2 to 3 months total house payment in reserves after closing
  • 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 active judgements or liens
  • Primary residence / owner occupied
  • 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 ALL these guidlines, than you owe it to yourself to contact me.

  • Middle 600  to 619 credit score for all borrowers for all reporting credit bureaus
  • Minimum 3.5%% down payment
  • Maximum total debt to income ratio of 43% of your gross monthly income
  • Maximum housing debt to income ratio of 31% of your gross monthly income
  • If renting 12 months of perfect on time payments
  • Minimum of 2 months total house payment in reserves after closing
  • 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 active judgements or liens
  • Primary residence / owner occupied
  • Purchase only
  • 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!

  • Middle 620 credit score for all borrowers for all reporting credit bureaus
  • Minimum 3.5% down payment
  • GIFT ALLOWED for down payment
  • Down Payment Assistance Allowed
  • Maximum total debt to income ratio of 50% of your gross monthly income
  • Maximum housing debt to income ratio of 36% of your gross monthly income
  • 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 active liens or judgements
  • Primary residence / owner occupied
  • Purchase only
  • Seller concessions up to 6% for closing costs

NOT TOO BAD? YOU CAN HAVE A NEW HOME SOON!

Now that you have seen what  Bob Rutledge  can do 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. 

BTW, if your credit scores are below 580 but more than 500 you may want to contact me and talk through your situation. It may be possible that we can find solutions to get your credit scores higher, this where we should always start. But, FHA does allow for credit scores below 580 but higher than 500, you will need a 10% down payment and a lender that knows how to make this happen.

Also, I have portfolio lenders available to me that specialize in less than perfect mortgages, they will go all the way down to a 500 credit score. Maybe this is an option for you!

THE CREDIT SCORE RESCUE PROGRAM
The Credit Score Rescue Program is a program to help increase credit scores quickly, not to repair credit reports or credit history but to  make tweaks to increase scores to the next level or a bit higher. The Credit Score Rescue Program is best utilize for near miss situations, you have low scores but not very poor to bad credit scores and you need to qualify for a mortgage program or down payment assistance.

Another use of the Credit Score Rescue Program; you have low or decent credit score or even good credit scores and you want to move yourself into a higher risk adjustment bucket or two to get better mortgage scenarios. You are looking for longer term benefits to improved credit scores than just getting approved for the mortgage available at the time.

Lack of credit history is another reason to utilize the Credit Score Rescue Program, newer credit histories, very light credit history,  or a weak credit usage, are all fixable and can be remedied in a very short time with the Credit Score Rescue Program.

The Credit Score Rescue Program will not help with the credit scores that come from mismanagement of credit, really low scores, sub-560 credit scores are more than likely needing credit restoration and repair professional programs

 

Are You a Missouri Home Buyer?

My name is Bob Rutledge and I am an 20 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, Kansas City, Springfield, Columbia, Cape Girardeau 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.

BTW, I am now licensed in Illinois, Texas, Florida, and Ohio with more states to help you if you are wanting to purchase a new home with less than perfect credit!

 

 

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Bob Rutledge Mortgage

Loan Officer NMLS#: 297044

New American Funding 12321 Olive Blvd, ste 150
St. Louis, MO 63141