Quicken Loans Eases Credit Score Requirement on FHA Loans
(Vocus/PRWEB)
In an effort to make homeownership possible and more affordable for families across the country,
“There are folks who have steady incomes, and a solid payment history but were temporarily affected by the economy or a life event in some way. These challenges can lower their credit score significantly. We believe that a credit score, on its own, is not the sole arbiter of a person’s credit worthiness,” said
Qualifying clients can lock in a low fixed-rate on a 30-year, 25-year or 15-year mortgage. Additional underwriting guidelines may apply when qualifying for a loan with a credit score of 580, including specific debt-to-income ratios and limitations on the source of any funds used for down payments.
FHA loans are designed to make housing more affordable with lower down payment requirements than conventional loans on purchases and less home equity requirements on a refinance.
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