Thursday, May 12, 2011 - Article by: Gregorio Denny - Brookstone Mortgage Corporation -
If you have been looking to purchase a home and have a few credit issues, FHA may be the answer for you. Currently FHA guidelines allow you to purchase a primary residence with 10% down payment if you have a credit score of at least 500. FHA allows you to purchase with 3.5% down if your score is 580 or above. In addition to the required scores and standard FHA qualification such as stable employment with documented earnings and a 12 month rental history, you will also be required to complete a homebuyer education course and provide the signed certificate.
This opens up the housing market to many people with blemished credit. Life has it's ups and downs and events such as divorce or medical emergencies can wreak havoc on one's credit. With these FHA guidelines, you may get a second chance and still be able to qualify for a purchase. Contact me for more information and to see if you qualify; I have this program available now.
Gregorio Denny - WeFixRates.Com
Didn't find the answer you wanted? Ask one of your own.