They also have portfolio product called COMMUNITYWORKS that allows financing up to 97% LTV with only 620 credit score (for owner occupied property only).
Vivienda Miami Real Estate Group
Here are the facts.
You may obtain an FHA mortgage without any credit score at all. If you find any experienced mortgage broker they should be able to explain this to you.
Also, FHA allows for scores as low as 500. I'm not guessing or just throwing a number out there, it's taken directly from FHA guidelines. While I readily admit that this is harder to find, it doesn't mean it's not available and not mentioning it when asked a specific question about the MINIMUM credit score would be incorrect.
Private Financing is available to those with a poor credit score that will not qualify for a Conventional or FHA loan. Typically a Private Lender requires a 50% down-payment.
Best of Luck,
The most common are:
FHA - 203B (Standard FHA) - 580 UP TO 96.5%; AND 540 UP TO 90% LTV
FHA - 203K (Renovation Loan) - 620 UP TO 125% LTV
CONVENTIONAL - >80% LTV - 660
CONVENTIONAL - 80%
HomePath Renovation - 620 < 80% LTV & 660 > 80%
HARP REFINANCE - No minimum
Currently there are discussions at the regulatory level, about the validity of the existence of Government Loans with low credit scores requirements, and about the existence of community based programs. For the sake of the consumer with infome limitations, I hope these programs do not dissappear.
Please feel free to contact me for further information: 561-271-1611