Moving Family Forward

Credit Challenges for Home Loans in Birmingham, Huntsville & Mobile

Credit scoring is a mechanism for determining credit risk. It calculates a person's creditworthiness based on their current credit accounts and credit history using mathematics. Although the method was developed in the 1950s, it was not widely used until the last several decades. A Federal Housing Administration (FHA) loan is a mortgage that is secured by the FHA and offered by a lender that has been approved by the agency. FHA loans are for low-to-moderate-income borrowers, and they have a lower minimum down payment and credit score requirement than many conventional loans.

Weber Mortgage would be the best solution for you to deal with the credit challenges for your home loan. You can call us today at 205-751-8583 for further information.

Requirements to Qualify for an FHA Loan

Requirements to Qualify for an FHA Loan

  • A minimum FICO┬« score of 580 equals a 3.5 percent down payment.
  • A FICO┬« score of 500 to 579 equals a 10% down payment.
  • It is necessary to pay a MIP (Mortgage Insurance Premium).
  • 43 percent debt-to-income ratio.
  • The borrower's primary residence must be the property.
  • The borrower must be employed and have a consistent income.
Why Choose Weber Mortgage for Your FHA Loan?

Why Choose Weber Mortgage for Your FHA Loan in Birmingham, Bessemer, & Adamsville?

It is human nature to want to start a family, and every family wishes for their own home. As a result, it's only natural for specialists with a family-oriented mindset to recognize the true enthusiasm of anyone looking for a house loan. Weber Mortgage is a family-owned business, so we understand how critical it is for you to discover the right loan and home that not only satisfies your needs but also protects your financial situation.

Rely on Us for Dealing Credit Challenges Issues in Birmingham

Our company has been serving clients in Birmingham, Huntsville, and Alexander City, and we've acquired a solid reputation among them since 1999. To take the first step toward realizing your dream of owning a house, contact us immediately or call us at 205-751-8583 or visit us online.