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3. Get a part-time/second job There are no hidden fees when dealing with the company. Our mission is based on the following premise: The most commonly used loan product for borrowers with lower credit scores is the Federal Housing Administrations loan program. The FHA insures lenders against potential default and requires a minimum credit score of 580 or above for a loan with a down payment of 3.5%. Most lenders, though, require a credit score of 620 or 640 and above to approve an FHA loan. In addition to your credit score, you will need to provide full documentation of your income and assets and meet the lender’s debt-to-income ratio, which is typically a maximum of 41-43% of your monthly gross income that goes toward the minimum payments on all of your revolving and installment debts.
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