If you have a credit score of 599, or a credit credit score around 599, there are many loan programs that rae still available to you at competitive rates. Be it for a home purchase, to pay off an adjustable rate mortgage, or to consolidate debt; there are programs you may qualify for with a credit score of approximately 599. The next paragraphs will highlight different available programs for those with a credit score of 599.The Federal Housing Authority(FHA) allows for loans with a credit score of 599, given that there is a strong payment history for the last 12 months. FHA loans require full income and asset documentation. There are maximum loan limits depending on the county in which you reside. Contact a mortgage professional for more information about FHA loan programs with a credit score of 599.
Fannie Mae and Freddie Mac will approve loans with a credit score of 599 as long as there are other compensating factors such as asset reserves, a strong debt-to-income ratio, or a low loan -to-value ratio. Fannie Mae also offers "expanded" approvals for lower quality loans at slightly higher rates. These programs are available for purchase and refinance transactions.
There are "Pick-a-Pay" programs available for those with strong equity positions, even if they have a 599 credit score. Some of these programs allow for stated income as well as long as there is a strong mortgage history and some asset reserves. Call Michael R. Byrne, at 1-800-999-2489 x7972 or mbyrne@gfhomeloans.com to see what program for which you can qualify.
Poor credit doesn't always mean poor rates on your mortgage refinance. Even a 599 FICO score does not disqualify you from low, fixed rate home loan financing.
A low credit score doesn't always mean a poor payment history, and many people have successfully obtained mortgage financing with a 599 credit score. Be sure to review your credit report with a mortgage professional.
