seven. Non-qualified home loan (Non-QM): five hundred credit score
Freddie Mac’s earliest-date family consumer system, Domestic Possible, will help buyers go into house that have an incredibly low-down fee and you may moderate borrowing from the bank.
Domestic You can easily can be found for lowest and you may modest-income individuals that have a down-payment off just 3 per cent. And you can, to have consumers who cannot conserve the brand new advance payment, Family You can easily lets many deposit guidance programs.
So you’re able to qualify for the house You can easily fixed-rates financing with minimal PMI cost, extremely loan providers will need a beneficial 660 otherwise finest credit history.
This new licensed mortgage rule, labeled as the “QM Rule,” went for the impact inside 2014.