Recently the home mortgage lenders we work with have been advising that loan requirements for some home buyers have been relaxed a bit. This may mean that for some home buyers they will have a chance to buy a home in this current market.
Normally, FHA lenders require at least a 620 credit score to get anything approved. But there are now reports that some lenders who will do FHA loans for borrowers with credit scores down to 580.
But keep in mind; conventional loans, regardless of the down payment still require a credit score of 620 per Fannie Mae and Freddie Mac guidelines.
If you are thinking of buying a home, but had been worried about your ability to get a loan, let us know and we can put you in touch with our lenders who have been reporting these relaxed requirements for some buyers.