Find a mortgage even with a low credit score
There is hope for those with low credit scores since some lenders have reduced the FICO (credit score) requirements to 580.
Home ownership may also come again for those who have lost a home by short sale or foreclosure since two of the nation’s largest lenders of FHA loans announced that they’ve dropped the minimum FICO score guideline from 620 to 580. With a FICO score of 620, buyers can qualify for FHA loans at many lenders with only 3.5 percent down. With a score of 580, the lenders are looking for more like 5 to 10 percent down.
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