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500 FICO FHA Loans

February 1, 2012

FICOS AS LOW AS 500

Platinum Mortgage works hand in hand with Lenders to bring you options.  Our 20plus years in the industry gives us flexibility and accountability.  Platinum Mortgage is able to offer Loans toborrowers with a FICO Score as Low as 500. You will need to have a down payment of 10% and a good employmenthistory, two plus years on the job, if this sound like you or anyone you knowdon’t hesitate to call, your dreams are closer than you think.  

Platinum Mortgage also offers 99.5% financing to borrowerswith a FICO Score of 580 or above.  Yesyou heard it right; 99.5% financing.    Thatis ½ a percent down.  Sellers are alsopermitted to contribute up to 6% and your Debt to Income ratios can be as highas 47%.   Gift funds, Grants and 401 Kloans are permitted.  This is FHAfinancing with no prepayment penalties, fixed rates no first time buyerrequirements and manufactured housing is eligible.   
500  — 579 FICO –  90% LTV

580 — 620 FICO  -96.5% LTV
620 — 640 FICO    99.5% CLTV

How the magic works. Two year employment history needed or compensating factors such aseducation based training.  Rental Historyor signed budget letter.   Collections inwithin $4,995 may need to bepaid off with the exception of medical bills which have no effect on the loanapproval. The ½ a percent down may be a gift from a family member.   

So what does all thismean?
It means homeownership is easier than you think.  If this sounds like you please don’t hesitateto call remember we can and will help even if your score is 500.   We are here to educate and inform you, and noquestion will be left unanswered.

Platinum mortgage has offerings of over 50 loan productsstay tuned for more information on our offerings.  

Your dreams are closer than you think let us help you grabthem. 


Written By:

Karmel Roe   NMLS350250 l DRE 01276427
Broker / MLO With Platinum Mortgage Company
E-mail:  Karmel @pmcmortgageloans.com.
 

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