What types of financing are eligible?
A. The program can be used for the purchase of a new or existing home, refinancing or construction. Q. Is there a minimum credit score requirement for qualifying? A. There is not a credit score requirement. However, your overall credit will be reviewed by an underwriter to determine eligibility. Generally, the most recent 12 months are most important. All accounts should reflect an on-time pay history for the last 12 months. Q. What if I have filed bankruptcy? A. HUD requires 2 years to have passed since the discharge of your bankruptcy. You should not have any late payments on your credit report since the bankruptcy. Q. What about outstanding collection accounts or charged off accounts? A. All collection accounts must be paid off prior to loan submission. This includes medical collections. Accounts that are charged off but still reflect a balance owed must also be paid off. Q. What is the minimum down payment? A. 2.25% of the purchase price on loan amounts over $50,000. For loan amoun
