What is a FICO and why is this news so exciting?

FICO scores are credit scores widely used by lenders to assess the creditworthiness of individuals seeking credit, such as loans or credit cards. The score is based on the information in an individual's credit report and is used to predict the likelihood of the person repaying borrowed money.

FICO scores typically range from 300 to 850, with higher scores indicating better creditworthiness. The score is calculated based on various factors, including payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries. Lenders use FICO scores to make more informed decisions about whether to approve a credit application and what terms (interest rates, credit limits, etc.) to offer.

And this is exciting because....

It can be challenging to get approved for a loan with a low credit score. Lenders typically use credit scores to assess an individual's creditworthiness and ability to repay a loan. A low credit score suggests a higher risk for lenders, making them more hesitant to approve loans or offer favorable terms.

HOWEVER, we offer 2 loan options that are available with no minimum FICO score needed.

FHA NO FICO PROGRAM:

NO Minimum Credit Score on Purchase Loans Only
Two Months Bank Statements Required
12 Month Housing Payment History Required
Max DTI ( Debt to Income) 31/43%

VA NO FICO PROGRAM:

NO Minimum Credit Score on Purchase Loans Only
Two Months Bank Statements Required
100% LTV ( 0% down payment)
24 Month Housing Payment History Required
Max DTI ( Debt to Income) 41% Unless Residual Income ( pension, social security) = 120%

Please reach out to our team of mortgage advisors with over 30 years of experience to learn more about how we can help you with our No FICO loan options or any of our other exciting range of diverse mortgage products. We are confident that our flexible solutions can help you achieve your home buying or investment dreams. We look forward to working with you and assisting you in finding the perfect mortgage option.

619-990-7552 (CA)

602-920-8142 (AZ)

or email info@parkplacefg.com

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