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
Broker / MLO With Platinum Mortgage Company
Website www.pmcmortgageloans.com
E-mail: Karmel @pmcmortgageloans.com.
FHA loans are not just for single-family houses. For certified debtors, they may be available for 1 to 4 device qualities. The house owner must live in one device, as FHA loans are stringently for owner populated houses, but the additional systems can be rental out assisting to balanced out the mortgage cost or produce profits.
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