FHA 2nd Chance Loan

Quick Facts

  • 3.5% down payment on 580 credit score or better.
  • 10% down payment with less than a 580 score.
  • Minimum credit score for a refinance including cash out refinance is 500.
  • Upfront and monthly mortgage insurance is required regardless of loan to value.
  • The perfect mortgage option if you have been turned down for a traditional mortgage.


The FHA offers a loan for borrowers that may have gone through difficult financial times. Residential Mortgage Solutions recognizes this and are proud to offer borrowers another chance at home ownership or refinance loans. Unfortunate events can affect anyone at any time. You can now get a great rate on a 30 year fixed rate mortgage even if your credit score is in the 500’s. Most lending institutions do not offer FHA loans to borrowers with less than a 620 credit score. We believe that everyone deserves a second chance. We recognize that some borrowers have derogatory items listed on their credit report from long ago that are keeping down their credit scores. The FHA 2nd chance loan offered by Residential Mortgage Solutions allows us to look past your credit score and dig deeper into your overall financial character. Your time at your job, income, and savings all play an important part of qualifying for a mortgage loan. Call us today and start taking advantage of this super flexible government loan program not available with most other lenders.

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