Christian Community Mortgage Resource Network
During the currrent mortgage crises, qualifying for a home mortgage loan can be difficult, near impossible without at least 5% down payment and a good credit score. If you meet the above criteria then getting a great loan should be no problem. If you don't meet the above requirements then an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan and you can still get a great rate. Below are the FHA guidelines for getting qualified for a loan:
The only other option is a Hard Money loan where you have to have at least 35% equity and the rates can range from 10% to 18%.
(At this time there are no 100% programs available)
If you do not meet the conventional 5% downpayment for a purchase or at least 5% equity for a refinance with excellent credit, FHA, or Hard Money qualifications above then there are currently no other options available.
To summarzie here are the basic requirements for loan qualification:
1) Must be Full Doc (Complete verifiable income for two years) or Stated (at least 10% down and a 760 credit score)
2) At least 3% down for FHA and 5% for conventional loans
3) Must have at least 5% equity for a refinance
4) Same line of work for at least two years
5) No Bankruptcy for two years
6) No Foreclosure's within the last 3 years
7) Middle Credit Score must be at least 580
(There may be some small exceptions to all the above)
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