What I get in my email.

Wednesday, June 19, 2013 - Article by: loanman - Ameripro Mortgage -

We are a broker with 20 different lenders to choose from, here is what one of our Whosale lenders sends us everyday for low FICO borrowers.

You've seen the reports.* One of every three applicants for a home loan will be rejected under the credit score standards imposed by most lenders. Unlike other lenders, First Mortgage Corporation (FMC) underwrites, funds, securitizes and services its loans, so we don't have the overlays of other lenders. This means we can say 'yes' to quality loans others may reject.

FHA's mission to help the underserved has always allowed for lower credit score borrowers. FMC has found that with careful analysis of credit and common sense underwriting many of these borrowers perform well after closing. FMC's default rate is consistently well below the national average. We've been doing government loans for over 35 years.

Founded in 1975 FMC is a direct-lending mortgage banker and loan servicer.

FHA Requirements Under 620 Credit Score
96.5% FHA Loan**
12-month verification of rent or budget letter
Max DTI 43% with DU approval
Collections over $5000 subject to UW discretion
Document strengths to offset file deficiencies
Verified gift funds OK
No-FICO Borrowers allowed with Alternative/Insufficient Credit
All other FHA guidelines apply