FHA Loans Provide Options for Credit Challenged Buyers States AMCAP Mortgage
Traditional loans require at least a 620 credit score, no more than 45% debt to income ratio, and a down payment of at least 3%. This can make it difficult for a potential homebuyer to get a loan as many people don't have a high credit score, low debt and a large amount in savings for a down payment when they're ready to buy a home.
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