FHA Credit Score 2016 - FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
FHA makes the rules for loans they will insure and the minimum credit score to buy a house with an FHA loan is 500. In the old days, FHA did not have a minimum credit score requirement.
FHA minimum credit score for major banks
All the major banks Wells Fargo, Bank of America, Chase, Citigroup, etc. have minimum credit score requirements for FHA loans. When you apply for an FHA loan at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it's FHA's minimum credit score. It means that it is the bank's minimum credit score requirements.
After the financial crisis of 2008 all the major banks raised their standards for approving an FHA loan. Because the banks make the rules for loans they will approve they may require a minimum credit score of 640 for their loans. These guidelines are the bank's guidelines. What this means is that all the major banks including Wells Fargo, Bank of America, Chase, Citigroup, etc. make the rules for the loans they approve.
FHA credit score 2016
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyer.
Call us 888.958.5382
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
We look forward to working with you.
FHA Credit Score 2016 FHA Credit Score 2016
What's the minimum credit score needed to buy a house or refinance in Florida?
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans require a minimum 580 credit score to buy a houseor refinance
HomePath loans require a minimum 620 credit score to buy a house
HARP loans require no minimum credit score torefinance
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
Call Now, Our Staff is Available!