The minimum credit score for an FHA loan to buy a house is 500.
FHA rates are based on your score:
Call for a free credit analysis 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 an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
Mar 04, 21 09:48 AM
Conventional loan purchase requirements, minimum down payments, minimum credit score. FHA loan purchase requirements minimum down payments, minimum credit score. Compare conventional vs FHA home buyer
Mar 04, 21 09:44 AM
Get expert help with your credit for free. Boost your score with our Rapid Rescore and get approved for a home loan today. Minimum credit of 500 required.
Mar 04, 21 09:42 AM
Prestamos para comprar casa en New Jersey. Qué puntuación de crédito necesita para obtener un préstamos de la FHA? Los prestatarios con puntuación de crédito 580 requieren de un 3.5 % de pago inicial.