500 FICO FHA Loans

FICOS AS LOW AS 500

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

Platinum Mortgage also offers 99.5% financing to borrowers with a FICO Score of 580 or above.  Yes you heard it right; 99.5% financing.    That is ½ a percent down.  Sellers are also permitted to contribute up to 6% and your Debt to Income ratios can be as high as 47%.   Gift funds, Grants and 401 K loans are permitted.  This is FHA financing with no prepayment penalties, fixed rates no first time buyer requirements 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 as education based training.  Rental History or signed budget letter.   Collections in within $4,995 may need to be paid off with the exception of medical bills which have no effect on the loan approval. The ½ a percent down may be a gift from a family member.   

So what does all this mean?

It means homeownership is easier than you think.  If this sounds like you please don’t hesitate to call remember we can and will help even if your score is 500.   We are here to educate and inform you, and no question will be left unanswered.

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

Your dreams are closer than you think let us help you grab them. 

Written By:

Karmel Roe   NMLS 350250 l DRE 01276427
Broker / MLO With Platinum Mortgage Company

Website  www.pmcmortgageloans.com

E-mail:  Karmel @pmcmortgageloans.com.

 

Downpayment Assistance for First Time Homebuyers - You Have Options

One complaint that I get from real  estate agents out there is how their eager and motivated client needs money for downpayment assistance but the one program that they looked into doesn’t work for their buyer.   The fact of the matter is however, there are multitudes of down payment assistance programs out there and it’s all about having access.  Here is a list of some of these programs that I’m able to offer to my borrowers and real estate partners:

CHDAP program offered by CalHFA:
-3% towards downpayment and/or closing costs/1% minimum investment from the buyer

-640 Minimum FICO

-Co-Signers Allowed/No Additional Restriction on Debt to Income Ratios

-Lenders offering this program: Guild Mortgage Company, Sunwest, First Mortgage Corporation

CHF Access

-3% towards downpayment and closing costs/0.5% minimum downpayment from the buyer

-580 Minimum Credit Score

-No Restrictions on location

-Lender(s) Offering this Program: First Mortgage Corporation

 

FHA W.I.S.H Program

-Up to $15,000 Grant/Matches up to 3 times borrower investment

-640 Minimum FICO

-No Restrictions on Location/No Additional Restriction on Debt to Income Ratios

-Lender(s) Offering this Program: Pacific Mercantile Bank

-Allows Co-Signers, 1-4 Unit Properties allowed

County and City DownPayment Assistance Programs

-Up to $60,000 in assistance

-Geographical Restrictions

By its very nature, downpayment assistance program operate within their own box and restrictions but when you have access to a group of them, you see that there is flexibility with income, credit and reserves along with other factors that could make the difference in your buyers qualifying and being able to realize their goal of homeownership.    If you’re reading this, by now, I’m sure you’re excited about the prospects of helping out your clients and you have many questions specific to their situations.

Written By:

Onur Coskun: CA DEPT OF REAL ESTATE - 01893073 / 322100
Mortgage Loan Officer / Real Estate Agent With Platinum Mortgage Company

Website : www.pmcmortgageloans.com

E-mail: onur @ pmcmortgageloans.com.