If you’re considering a Homepossible loan but worried about your credit score, I have good news for you! Unlike many other loan programs, Homepossible has a relatively low minimum credit score requirement. Here’s what you need to know:
For purchases and refinancing with no cash-out, Homepossible can consider credit scores as low as 680.
There are no income limitations for homes that are located in an area that is under-served.
Keep in mind that just meeting the minimum credit score requirement doesn’t guarantee approval, as lenders will also look at factors such as your debt-to-income ratio and employment history.
Overall, if you have a credit score of 680 or higher and are interested in purchasing or refinancing a home in an under-served area, Homepossible is definitely worth considering. It’s always a good idea to shop around and compare rates and terms from multiple lenders to find the best possible deal for your unique financial situation.
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