Possible Mortgage Loans for Scores as low as 540
If you have had difficulty obtaining financing due to a low credit score, we may be able to help. You still must be a good credit risk, and probably have not had any recent issues. An excellent reason for the derogatory credit issues will also be required.
The following is a basic list of requirements for borrowers with credit scores under 600. For those with scores over 620, our more traditional plans may be available.
VERY IMPORTANT: You will need to show On-time proof of rent or mortgage history for a minimum of 12 months. NO letters from landlords are acceptable. Must be cancelled checks etc. MUST HAVE THIS, NO EXCEPTIONS. Also FULL INCOME DOCUMENTATION is Required.
Matrix
- Score 600+ 3.5% down Buy or Refi
- Score 540+ 10% down Buy or Refi (no cash-out)
- Score 600+ 75%LTV Refi with Cash-out
ALSO: FHA STREAMLINE REFINANCE: scores down to 640 w/ no appraisal, no income check etc.
Please note: even though it is possible to do a mortgage with low credit score, you must demonstrate being a good credit risk. Any recent lates etc, will not work.
For More information, HAVE YOUR ( 3 ) Credit scores and call or e-mail me:
Robert Bornstein, NJ Licensed Mortgage Originator
NMLS#228572
