Florida mortgage lenders are on a train of approving more mortgage loans during this low mortgage rate period than any other this decade. This influx of home loans is due to programs such as the FHA Back To Work loan, which is for buyers who have recently been experienced bankruptcy, foreclosure, or a short sale. There is also the Conventional 97 mortgage loan, which only requires homebuyers to put down 3 percent. Now is the time to get a low payment from a Florida mortgage lender because bad credit doesn’t mean you can’t get a home loan in Florida.


Bad Credit Scores Receiving Purchase Loans In Florida With Low Payment


Another reason of more purchase loans being approved is due to Florida mortgage lenders loosening their current credit score requirements. You may have experience problems in the past with credit, but if you have been working at getting your credit back to a reasonable level, then you may be able to get your very own home loan.


If you have experienced these hardships in the past, you are probably wondering how low your credit score can be while still receiving a home loan. If you ask different mortgage lenders in Florida, they will tell you all different numbers. It could easily range from 350 to 850.


Bad Credit Score In Florida Still Receiving Low Payment Home Loans


Mortgage lenders in Florida never have a shortage of homebuyers in search of the next low payment home loan. Due to never having a shortage, it does make it a bit challenging for bad credit goers to get their own home loan. Bad credit doesn’t mean you can’t get a home loan in Florida though; NSH Mortgage can assure you of that.


There are many different mortgage loans available to Florida homebuyers. Fannie Mae, Freddie Mac, and the FHA Loan, which is backed by the Federal Housing Administration, allow low payments of only 3 percent.


Other types of home loans, such as the VA Loan from the Department of Veteran Affairs, and the USDA-backed Rural Housing Loan both allow no money down.


Bad Credit Doesn’t Mean You Can’t Get A Home Loan In Florida


In order to qualify for these home loans, seeing that they are government-backed, there are minimum scores required.


  • Fannie Mae/Freddic Mac: 620 minimum FICO Credit Score
  • FHA Loan: 500 minimum FICO Credit Score
  • VA Loan: No minimum FICO Credit Score required
  • USDA Loan: No minimum FICO Credit Score required


There is always much more to the big picture than just the minimum FICO Credit Score. Mortgage lenders in Florida evaluate borrowers based on down payment, income, savings, and debt loads as well. If that seems like a lot of information to you, it is because it is. Most mortgage lenders use automated underwriting software (AUS). AUS works like this: High credit scores with strong income, assets, and debt get approved, while low credit score with weak income, assets, and debt get turned down.



Bad Credit Still Able To Receive A Low Payment Home Loan From Mortgage Lenders in Florida


So really, what is a good credit score? It really comes down to the overall profile. It is based on the bank you apply at, how you have managed your money and credit score, and what you are currently doing to raise it.


Contact Us to learn more at NSH Mortgage

Bad Credit Doesn’t Mean You Can’t Get A Home Loan With NSH Mortgage Lender in Florida

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