Credit score requirements have changed dramatically over the last several years and even recently we're seeing new regulations from many different lenders. It should be fairly common knowledge that if your credit score is low, financing is very difficult to obtain. The same holds true in the housing market, Over time entities like the Federal Housing Administration have drawn the conclusion that most of their defaulted loans belong to individuals with lower credit scores. For this reason, you will find that, many lenders loan programs have minimum credit score requirements.

If you are interested in purchasing a home, but have poor credit, you may be wondering what options you have available to you. Currently the FHA is the only program accepting applicants with a 580 credit score or better.. Your best bet is to try and improve your credit score as much as possible before looking for a home. Pay down the balance on some of your credit cards or maybe open a new line of credit in order to improve your credit score. For many, by simply making small adjustments in how they spend their money, they can improve their score tremendously within just a few months. If you can't wait, you just have to shop around and find a lender who requires a minimum credit. . Another option is a â??hard money loanâ?, although this option comes with very high interest rates. Your credit score plays a major role in whether or not you can purchase a home. Make decisions that will improve your score so that you can have access to the bigger â?? better lenders with lower rates. As always please call RP Funding at (321) 397-4420 for more information.