American Financial Resources - FHA Loans Down to 580 Fico Score

NJ based lender, American Financial Resources, recently announced a portfolio FHA loan program down to a 580 credit score on their blog. Previously, the lowest credit score they would consider was 600. In today's market, there are very few lenders out there who are lending to borrowers with sub 620 scores. AFR also offers financing for manufactured homes for consumers with FICO scores as low as 600. Rob Pieklo, VP of American Financial Resources was quoted in a recent blog post stating that "this announcement opens up a new opportunity for many home buyers that previously were not able to obtain financing approvals."

Last week, mortgage rates hit their lowest levels since the end of 2010 and borrowers may want to consider refinancing before rates start to tick back up. Freddie Mac's weekly rate survey showed 30 year fixed rate averages at 4.71% (.7 pts) and 15 year averages at 3.89% (.7 pts). You can use ForTheBestRate.com to check today's mortgage rates online.