If you are reading this blog you have already noticed that the vast majority of lenders are requiring a FICO credit score of at least 620 while others are even requiring 640 and above. Even though it is a good thing that you can show a 620 credit score, you may have also noticed that once your score drops, it takes a long time to recover.

However, what happened in your past may not be an indication of your current ability to pay. Perhaps you had a major financial hardship such as a divorce, a death in the finally, an illness or a loss of a job. Because of that, at the present time, you may feel ready to pay another mortage as you have already been paying your rent on time for the last 12 months which you can prove with either cashed checks or banks statements. If this is your case, keep reading to see if you fit on any of the below scenarios.

FICO Score: 500 - 580:
* You have saved at least 10% ($10,000 for a $100,000 home) of your own funds
* You have not been delinquent in any payments for the last 12 months
* You can show an additional two months worth of home monthly payments
* The seller can only pay 3% of your closing costs.

FICO Score: 580 - 620:
* You have saved at least 3.5% ($3,500 for a $100,000 home) of your own funds
* You have not been delinquent in any payments for the last 12 months
* The seller can only pay 3% of your closing costs.

NO SCORES AT ALL (No credit history):
* You can show timely payments of your electric, water, and gas bills under your name
* You have paid your rent on time as well.

Now all these programs are not offered by the same lenders. Call us to connect you with the right one for you.

If you have more questions, please do not hesitate to Email me or contact me at 713-589-3234 for more information.

As a By Referral Only®, and C.N.E., C.D.P.E, REALTOR® , I am committed to providing such extraordinary service and expertise that you will gladly refer your friends, family and acquaintances. With your help I am able to build strong business relationships one person at a time.