Our exclusive low credit score FHA loan program can be used to purchase or refinance any home. Many improvements have been made to this Automated or manual underwriting FHA program.
Minimum credit score home loan reduced to 560 with a 10% down payment. With a 580+ credit score you’ll only need 3.5% down.
The 580 credit score mortgage is a great way back for borrowers that have compensating factors to get approved for a home loan. Compensating factors are other qualifications that make up for the low credit score. A long time on the job, extra savings (reserves) beyond the 3.5% minimum down payment, proof of on time rent (housing) payments for the past year or two, these are just a few examples of things that can make up for having a low credit score with a manually underwritten FHA loan.
FHA manual underwriting is what makes it possible to close home loans for people with low credit scores. The underwriter will review your loan file carefully, looking at your credit explanation letter, your most recent twelve months payment history, your income, and employment history.
Janus Mortgage Corporation is a mortgage broker licensed in the State of California, under the auspices of the California Bureau of Real Estate license number 02038085 and the National Mortgage License Registry NMLS Number 1690954, . All offers for loan programs are made for loans on California properties only.