Good news has returned for consumers interested in FHA loans who may not have qualified in previous months.  At Quicken Loans, consumers may now qualify for an FHA loan with a credit score of 580 and above.

Qualifying clients can lock in a low fixed rate on a 30-year, 25-year or 15-year program.  Adjustable rate mortgages and jumbo loans are not available to clients with FICO scores between 580-619.

FHA loans are designed to make housing more affordable with lower down payment requirements than conventional loans on purchases and less home equity requirements on refinances.  Less stringent qualification guidelines and the security of a government-insured loan makes FHA a popular choice for consumers.

Additional underwriting guidelines may apply when qualifying for a loan with a credit score of 580.  With low refinance mortgage rates and unbeatable client service, there’s no better time than the present to start saving money with what is likely your largest asset.

Contact a Home Loan Expert to find out more about this opportunity.

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  1. I am writing to you today to get your input on a mortgage issue we seem to be having. My wife and I are looking to buy a house in Holden Ma, Worcester County. The house we are looking at is listed at $424,000. I make $71,000 and she makes $80,000 and we have both worked for our companies for over 14 years. The difficult part is that we have both had short sales due to previous divorces. Hers was over three years ago and mine was 2 years and a few months ago. My credit is about 650 and hers is about 620. We can put down $20-30K for a down payment.

    Can we qualify for a loan other than an FHA?

    Any help would be appreciated. Thank you for your time.

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