|Down Payment ||3.5% of the final loan amount (on approved credit) |
|Terms ||30 years, fixed rate |
|Credit Score ||500 minimum |
|Mortgage Insurance ||Yes |
|Maximum Loan Limit ||Yes, varies by county |
Our FHA Choice Loan can be just the option you’re looking for.
Generally speaking, lenders look for credit scores of 640 or more in credit reports. These reports usually go back years, often decades. At Primary Residential Mortgage, we recognize that some borrowers have things in their credit report from the past dragging their scores down and preventing them from qualifying for a low mortgage rate now.
The FHA Loan Choice program allows us to look beyond your credit score and into your credit-worthiness on the merits and circumstances in your recent financial history. This ups your chances of getting this 30-year, fixed-rate mortgage even with a credit score in the 500s.
What are you waiting for? Turn homeownership into a possibility with Primary Residential Mortgage. We are one of the top mortgage companies in the US, with the national presence to leverage better terms and rates, and the local presence to understand the market.
Talk to us today about how we can turn your dream home into a reality.