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103% Financing for Borrowers with Poor Credit
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103% Financing for Borrowers with Poor Credit - Otherwise know as the FHA loan. When purchasing a home, ask your mortgage professional if going FHA is right for you. FHA loans are great for First Time Home Buyers. There is no credit requirement so you can have poor credit and still qualify. The best part, you can buy a home with only 3% down, 97% financing, and get a 6% sellers concession to use towards closing costs (hence: 103% financing).What else? The interest rate is a 30 year fixed so you don't have to worry about adjustments and reset dates.
Take advantage of the market and buy your first home today.
103% financing from the FHA is one of the best ways to buy a home if your credit is less than perfect (719 or lower FICO score)