FHA Loan with no credit Scores :

• Minimum of 3.5% down payment
• Primary Residence only
• Terms; 30, 20, 25, 15 and 10 year loans
• Loan amounts can go up to $420,680.00 for single family residence
• Minimum credit scores 580 (500-580 with 10% down payment)
• Citizen, Permanent Resident or Work Visas are allowed
• Full documentation using tax returns and w2’s or 1099’s
• Escrows are required, taxes and insurance must be included in the monthly payment
• 100% Gift Funds for a relative are allowed
• Home must be livable
• Debt to income ratios, up to 56%
• Seller Contributions up to 6% of the loan amount.
• Recently renovated home will have some limitations (called Flipping guidelines), new construction or older home are allowed. Single family residence and town home as well.
• Condominiums must be FHA approved
• Co-Signers are allowed

Types of Income Documents Allowed:

• Full documentation using tax returns
• W2s – 2 years
• Paystubs if applicable – 2 months
• Bank Statements – 2 months
• Employment Work Visas such as TPS and DACA are allowed

 Client with no credit will need:

• 3 Credit Reference Letters that must reflect a 12month payment history with no late payments.
• Here are some examples of alternative credit letters;
• Rental housing payments - Verification of rent
• Telephone service (cellphone is acceptable)
• Utilities (not included in rent): Gas, Electric, Water, Television service, and Internet.