Having poor credit can make most buying experiences in adulthood harder, but luckily, with home loans, there are options. Poor credit should not necessarily stop you from being approved for a loan in Davie. At Ace Mortgage Loan Corp., we understand that mistakes happen; yet we don’t believe that this should be a reason for homebuyers to be deterred from getting the home of their dreams. It’s all about choosing a loan that works within income boundaries, and credit score requirements.
What Are the Options for Poor Credit Loans in Davie?
The Federal Housing Administration backs FHA Loans. Typically, this government-backed operation offers flexible homebuyer requirements. For example, borrowers who have a credit score of 500 will need to put down a ten percent down payment, and those who have above a 580 are capable of only paying a 3.5% down payment. As you can see, there are benefits to having a higher credit score, yet, having a lower credit score doesn’t make home buying impossible.
VA loans, backed by the U.S. Department of Veteran Affairs, are available to those who have been or are in the U.S. military. Spouses of military members are also eligible. VA loans do not have a credit score requirement. Instead, they are viewed on a case-by-case basis. Another benefit of a VA loan is that there isn’t a down payment. Not having to put money down can help save veterans or active military members a significant amount of money when it comes time to buy a home. Often, the down payment is the most expensive payment.
The U.S. Department of Agriculture backs USDA loans. Credit scores for this loan need to be somewhere around 630. A USDA loan also ensures that there is no need for a down payment, and homebuyers can use gifted money from family or friends to pay closing costs.
Created by Fannie Mae, the minimum credit score for a HomeReady loan is around 620. The difficulties with the HomeReady program are that many guidelines can be challenging to meet.
At Ace Mortgage Loan Corp., we’ve been in business for over a decade. There’s a straightforward reason as to why we’ve outlasted our competitors, and that’s because we genuinely care about the well-being of our clients. If you’re looking for loans in Davie, allow our expert team of lenders to help. Picking the appropriate mortgage can take time and research. With our knowledgeable staff, we’ll be able to point you in the right direction with precision and speed. Achieve your American Dream with the skilled and friendly people at Ace Mortgage Loan Corp. today!