The minimum credit score for an FHA loan to buy a house is 500.
FHA rates are based on your score:
Need to work on your score? Call 888.958.5382
Credit score - On January 20, 2010 FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.
Debt-to-income ratio - April 1, 2013 FHA requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower's debt-to-income ratio.
Mortgage Insurance - On January 9, 2015 the Federal Housing Administration (FHA) announced the reduction of it's annual Mortgage Insurance Premium (MIP) rates.
Effective on or after January 26, 2015 FHA will reduce the premium from 1.35% to .85% a reduction of .5%.
Combined with low interest rates and the reduction of MIP rates means that it is a great time to buy a home or refinance your mortgage.
Call us 888.958.5382
www.MORTGAGE-WORLD.com, LLC is a licensed residential mortgage broker and will match you with the
lender that will approve your FHA loan.
Sep 21, 18 01:34 PM
Today’s historically low 30 year fixed interest rates make now the perfect time to purchase a new home or refinance To be approved at the lowest mortgage rates, you do not need to have the highest cre…
Sep 21, 18 09:47 AM
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Sep 13, 18 12:25 PM
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