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Quicken Loans Lowers Minimum Credit Score Requirement on FHA Loans
Posted By Victoria Araj On January 21, 2011 @ 3:52 pm In Mortgage News,Mortgage Updates and Changes | 245 Comments
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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