A Low Score Is Not The End Of The Conversation.
FHA financing starting at a 500 credit score, on owner occupied homes, for purchase, refinance, or cash out.*
One program. Room for a rough patch.
Whatever your score looks like today, there may still be a path.
- Purchase eligibility starts at a 500 credit score
- At 580 and above, the down payment drops to its lowest level*
- First-time and repeat buyers welcome
- Purchase, rate and term refinance, cash out, and simple refinance*
- Purchase, refinance, and cash out, all available at the same score floor*
- Gift of equity accepted as a source of down payment*
Qualifying starts at a 500 credit score*
Buy, refinance, or take cash out
Owner occupied homes only
Automated approval, or manual underwriting with compensating factors
No credit score? Non-traditional credit may be considered*
One to four units, and FHA approved condominiums
What is the Saxton Low Credit Score FHA Loan?
FHA financing taken down to the lowest scores our investors will accept
The Saxton Low Credit Score FHA Loan is ordinary FHA financing, written down to the lowest credit scores our investors will accept. Purchase eligibility starts at a 500 credit score.
At 580 and above you qualify for the smallest FHA down payment. From 500 to 579 the program is still open, with more money down.
Use it to buy, to refinance, or to take cash out, on a home you live in. If the automated system will not approve the file, it can be underwritten by hand under the FHA rulebook using documented compensating factors.*
Why choose the Saxton Low Credit Score FHA Loan?
Built for buyers whose credit history is worse than their actual ability to pay.
Rebuilding Credit
A score in the 500s does not automatically end the conversation on an FHA loan.*
Thin Or No Credit File
Borrowers with no credit score can be considered using rent and utility payment history instead, on a manually underwritten file.
Turned Down Elsewhere
A lender overlay is not an FHA rule. A different investor may see the same file differently.
Cash-Out Refinance
Cash out refinancing is available at the same credit score floor as a purchase, though not in Texas.*
Down Payment Help
There is no maximum on combined financing when a government assistance program covers the down payment.*
Family Co-Borrowers
A non-occupying co-borrower is permitted, with the strongest terms reserved for family members.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about qualifying for FHA financing with damaged credit.
Purchase, rate and term refinance, cash out, and simple refinance are all available starting at a 500 credit score. Cash out is not available in Texas. FHA county loan limits apply.
Yes. Borrowers at 580 and above qualify for FHA’s smallest down payment. From 500 to 579 the program is still available, but more money down is required.*
Borrowers without a credit score can be reviewed using non-traditional credit, such as rent and utility payment history. The file is underwritten manually rather than by the automated system.
The file moves to manual underwriting under the FHA rulebook, where documented compensating factors and, where applicable, extenuating circumstances are considered.
No. This program is for owner occupied homes only. One to four unit properties and FHA approved condominiums are eligible.*
Yes. A gift of equity is an accepted source, and there is no maximum on combined financing when a government down payment assistance program is used on a purchase.
On most FHA loans the mortgage insurance stays for the life of the loan. Refinancing into a conventional loan later is the usual way borrowers remove it once their credit and equity improve.
Find out what you qualify for
Whether you’re buying, refinancing, or pulling cash out, there’s likely a Saxton Low Credit Score FHA Loan program that fits. Get a fast, no-obligation pre-qualification today.
Get Pre-Qualified- U.S. Department of Housing and Urban Development, FHA and housing resources
- U.S. Department of Housing and Urban Development, FHA mortgage insurance premiums
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Loan limits follow the annual FHA limits set by county. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.