A Florida firm claims it can fund mortgages insured by the Federal Housing Administration with FICO scores as low as 560.
The company is Expert Group Inc.
The Miami-based lender announced today that “it now offers Ginnie Mae backed FHA loans.”
Expert is parent Expert Financing.
“Expert Financing now offers FHA Loans to clients with a FICO score as low as 560 direct to Ginnie Mae,” the statement said. “Low credit scores are a big obstacle for many of these people and keeps them from being approved for loans.”
But the company, which said it has partnered with more than 50 lending agencies, explained that getting an FHA loan with a credit score “is extremely tough.”
Expert Chief Executive Officer Robert Rico projects business will increase by 20 percent as a result of its Ginnie approval.
“Not every lender is able to offer loans of this nature,” Rico said in the statement. “We had to go through a rigorous application process, followed by an inspection and interview process.”
In June, Expert said it planned to grow from 47 originators to 400 originators by June 2011.
