Low Credit Mortgage Assistance
You don’t need perfect credit to become a homeowner or to refinance your current mortgage. We have excellent options for borrowers with credit scores down to 580.
It takes just seconds to request current pricing for our Low FICO home loan programs.
Have questions? Give us a call anytime at (409) 600-2852.
Low Credit Program Requirements*
- Have a valid Social Security Number.
- Be able verify employment for the most recent two full years. If in school or serving in the military within the recent two full years, must provide evidence supporting this such as college transcripts or discharge papers.
- Non-permanent Resident Aliens must provide evidence of permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS) and indicate the borrower is a lawful permanent resident alien on the URLA.
Reserve Requirements
- Borrower must be able to show that they have enough funds in reserve to cover 5 payments for FICOs 580-619 and 2 payments for FICOs 620-639.
- Reserves must be non-encumbered (i.e. not in a 401K).
- 580-639
Self Employed Borrowers
- If self employed, must have owned business for a minimum of 3 years.
Down Payment & Loan-to-Value Requirements
- 10% down required for FICO scores 580-599.
- As little as 3.5% down for FICO scores 600-639.
*Please note that this is not a full list of requirements and all details listed are subject to change. Contact us for additional information and to learn if you are eligible – (409) 600-2852
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.