Loans with Flexible Credit Guidelines

FHA mortgage

FHA mortgages, which are insured by the Federal Housing Administration, make homeownership possible for people who might not qualify for conventional mortgage programs.  They offer:

• Flexible approval requirements for people who have less-than-perfect credit or lack a traditional credit history
• Low down payment and closing costs, with the option to use gift money for 100% of the down payment
• Expanded qualifying ratios for people with low-to-moderate incomes

VA mortgage

VA mortgages, which are insured by the Department of Veterans Affairs, make buying a home easier and more affordable for veterans, reservists, and active-duty service members.  They offer some of the easiest approval requirements of any mortgage, including:

• Flexible credit guidelines
• Expanded qualifying ratios
• No down payment requirement, so you can finance 100% of the purchase price
• The option to use gift money or secondary financing