To help, J.G. Wentworth provides low-down-payment loan options in the form of FHA and VA loans with credit score requirements as low as 580. The lender also offers the Fannie Mae HomeReady program, with down payment requirements as low as 3% for borrowers with a 620 credit score.
J.G. Wentworth participates in first-time home buyer assistance programs in many states, as well. Some of these programs provide grants that cover your down payment and closing costs, in addition to other benefits. Frutkin says J.G. Wentworth loan officers typically suggest these state programs if they fit an applicant’s financial situation.
On the downside, it has a limited number of physical locations in 15 states and it isn’t licensed to lend in all 50 states (available in 46 states and the District of Columbia).