If you have a good income but a low fico score and need a mortgage there are options availible. FHA is a great place to start, since FHA is not based entirely on credit score you have a great chance of qualifying. It is a strong compensating factor for and FHA mortgage to have a good income and low debt to income ratio.

There is a program that is offered by Fannie Mae, or FNMA, that is called the My Community program. This program will assist with consumers who have good income but have a low fico score and still want a mortgage loan. The FNMA My Community Program is a program that has a few similar attributes to some of the FHA underwriting guidelines. Therefore, if you want to obtain a conventional loan submitting your loan on the My Community program may be a viable alternative to an FHA loan if you have a low fico score and good income.

If you have a substantial income and are seeking a jumbo loan, but your FICO credit score is too low to qualify for a conventional, jumbo, or super jumbo loan to help you finance the property, you may be able to take advantage of equity based financing which does not specifically consider your credit and instead bases the lending decision on the quality of the property and the amount of equity in it. Contact us at 888-275-6788 for more information.

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