I learned 2 weeks ago that we can now offer both FHA and VA loans to borrowers with credit scores down to 550. With the FHA option, FHA requires that the borrowers put 10% down, but it can be gift money. Veterans and active duty military will still be able to buy a home with ZERO DOWN with this program.
These borrowers will be required to take a FTHB class and a 2nd underwriter from Nova will be required to approve the loan too.
For the FHA option I see our rate is starting at 5.50% for a 30 year fixed rate loan. For the VA option the rate is 5.375%.