Fico Score Less than 600 Purchase Transactions
If you would like to buy a home or condo in the greater Los Angeles and Orange County areas and have a credit score that is less than 600 please read below.
If there is a credit score, the minimum loan score and LTV
requirements that this program will allow are as follows:
• Less than 500 loan score not eligible
• 500-579 loan score, maximum 90 percent LTV (Loan to Value)
• 580-599 loan score, maximum 95 percent LTV
• Greater than or equal to 600 loan score, maximum 96.5 percent LTV
In addition, any time the loan score is less than 600 all of the following
requirements apply:
• Seller contribution limited to 3 percent
• No gift funds allowed for the down payment required to meet the maximum LTV
Other restrictions apply
For more details, contact me today.