500 Credit score gets a Home Loan - FHA Choice Program

500 Credit score gets a Home Loan – FHA Choice Program



hey guys john cochran from home bakers calm and Renza unconnect calm and I'm sure you're probably saying man this guy is a complete idiot who does he think he's trying to fool I know that you have to have higher than a 500 credit score to go ahead and actually buy the house well yeah you're right you do have to have higher than a 500 credit score to buy a house however we do have one lender that we go through out of many that we go through we do have one lender that actually will go ahead and take a lower credit score anywhere between five to six hundred of a credit score in order to go ahead and give you a loan now let me tell you why you have to have a good credit score in order to go ahead and purchase a house and get a loan on a house so basically this isn't the writ of the always the reason but here here's why whatever a bad goes ahead and gives you a loan one thing that they don't tell you is that they don't really have any intentions of keeping that loan so one thing that they'll do typically the bigger banks will do this your chases your bank of Americas your Wells Fargo people like that will actually do this they'll actually sell that loan so say you go ahead and get a loan on January 1st or whatever there's a good chance that you're going to go ahead and get a statement in the mail or something that to that effect you know maybe in June or something like that saying that hey we don't want you to make your payments out to ABC Bank anymore now you have to make it out to this bank well the whole reason with that is because that bank sold that loan now whenever somebody sells alone they have to the person buying that alone actually wants to see you as the buyer or you as the owner of that house they want to see that your credit is strong so that they know that they're buying a good loan so I hope that all makes sense for you they make they want to make sure that they're actually getting a good loan on that property so that they're not that you're not going into default well this particular lender that we go through is called an FHA choice program that we go through that they don't they call them they shelve their loans so what that means is they actually do not actually sell the loan so they're going to go ahead and give you a loan and then they're going to keep that loan in-house they're going to keep it with their bank you're not going to get a statement and six months a year two years or five years fifteen years saying hey we sold your alum to ABC Bank make your payments out to that Bank so that's why they will go ahead and blend at a 500 to a 600 credit score as is that because they show up their lungs and they've done their due diligence on the house and then they've done their due diligence on you so that they know that they have a good solid buyer there so don't think that you you know you're gonna just be able to go into this house have a 500 credit score and have zero money into the game because you do have to put a little bit of money into the game on this I don't know the exact percentage you'll have to go ahead and email us and we'll get you to our loan officer that actually has this program but anywhere I don't even want to throw out a number because I don't know it's not going to be anywhere between the factor like ten to twelve thousand dollars it's not going to be sky sky high because I know we just did a recent deal from this of somebody that actually got turned down from a bank and we took them into this program and they actually were able to purchase this house and they did not have to put that much money down to go ahead and purchase it so um and also to this this goes very very quickly to it's not like you have to wait you know you know you're probably thinking there's gonna be you know fourteen hundred appraisals on this there's gonna the lenders gonna want all this and this and this well the lender is gonna want some stuff but actually we got this deal done and I think it was about thirty five days that we got this deal done so if you want information on this program it's not going to be available forever I can't tell you that so whenever this video is gone the program is done it's not going to be available forever because I really don't even know why they're doing it but they are so if you want information on this program on how you can get a loan between five to six hundred of credit score all you have to do is give us a call at the number on the screen or go ahead and email us at info at home backers com we'll talk to you soon

2 thoughts on “500 Credit score gets a Home Loan – FHA Choice Program

  1. Is this a SCAMmmmmmmmmmmmmmmmmmmmmm! HELLO WORLD! Just use Google to find " FHA Choice Program" This guy is full of b.s. Ciao!

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