- Type of Loan: The FHA 2nd Chance Loan is considered a Government Loan insured by HUD.
- Loan Term: 5, 10, 15, 20, 25 and 30 years. Odd loan terms are also available.
- Mortgage Insurance: FHA requires MIP ( Mortgage Insurance Premium) both up front and monthly, regardless of your down payment or loan to value.
- Credit Score Requirements: 500 Middle Credit Score for all borrowers.
- Down Payment Requirements: 3.5% down payment required on 580 credit score and 10% down payment required on any score between 500 and 580.
- Interest Rate: Fixed/ Adjustable
- Additional Facts: The perfect loan for a borrower that has gone through difficult financial times. The only non sub prime interest rate loan program offered at current competitive market rates. Employment, income and savings all play an important role in qualifying for the FHA 2nd Chance Loan. Cash out refinances are also available under this one of a kind government loan program.