Believe Lending

FHA Loan w/a fico Score at 500

FHA loans with a minimum fico score of 500 with a 10% down

An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. This loan is ideal for first time home buyers because better rates are offered by lenders because of the fact that it IS backed by the government.

WHO QUALIFIES??

Must be 18 years or older
U.S. Citizens
Green Card Holders (non U.S. Citizen)
H-1B Visa & EAD Card Holders (non U.S. Citizen)

Apply Online Today!

CRITERIA	LOAN DETAILS
CREDIT	MINIMUM 500 FICO
LOAN-TO-VALUE	96.5% LTV WITH A 620 FICO OR HIGHER 90% LTV IF FICO IS BELOW 580
DEBT-TO-INCOME	MAXIMUM 43% DTI RATIO
OCCUPANCY	OWNER OCCUPANCY IS REQUIRED = PRIMARY RESIDENCE
TERMS	15/20/30 YEAR FIXED \| 5/1 ARM
TRANSACTIONS	PURCHASE \| REFINANCE: CASH OUT/ RATE&TERM
APPRAISAL	AN APPRAISAL IS REQUIRED
ELIGIBLE PROPERTIES	1-4 UNITS \| ATTACHED/DETACHED SFRs & PUDs \| LOG HOMES \| MODULAR HOMES \| MANUFACTURED HOMES \| HUD APPROVED CONDOS
HAVE A CH 7 BANKRUPTCY?	MUST WAIT 2 YEARS AFTER BANKRUPTCY
HAVE A FORECLOSURE?	MUST WAIT 3 YEARS AFTER FORECLOSURE
HAVE SHORT SALE/ DEED IN LIEU?	MUST WAIT 3 YEARS FROM COMPLETION
INCOME [IF SALARIED]	2 YEARS OF TAX RETURNS & W2s \| & YTD PAY STUB
INCOME [IF SELF-EMPLOYED]	2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED
ASSETS	PAST 60 DAYS OF ALL ASSET ACCOUNTS
EMPLOYMENT VERIFICATION	PROVE EMPLOYMENT FOR PAST 2 YEARS
PROOF OF IDENTITY	PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD

If you have any questions, Call or Text Andrew Ojeisekhoba At 949-232-9569

Apply Online Today!