2017 FHA Loan
Apply for a
2017 FHA loan.
FHA minimum credit score is 500. New FHA policy requires a minimum
credit of 500 to buy a home or refinance. In the old days FHA did not
require any credit score. These changes went in to effect in 2010.
To buy a home you will need a minimum credit score of 500.
Borrowers with credit score above 580 require a 3.5% down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed. Often, 12 months of rental history is required for credit score below 620.
If you have credit scores below 580 new FHA changes require a 10%
down payment. All funds must be the borrower's own funds. No gifts are
allowed and no seller's concession allowed. Many times 3 to 6 months
reserves may be required.
Apply for a FHA loan
online.
To refinance your mortgage you need a minimum credit score of 500.
Borrowers with a credit score above 580 can refinance up to a 97.5% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a credit score above 580.
If you have credit score below 580 new FHA changes require a
maximum loan-to-value of 90% for a rate and term refinance. And up to
75% cash out refinance with credit score below 580.
Most lenders require a minimum credit score of 640 for a
2017 FHA loan.
Whether you're planing to buy your first home, refinance, lower your
monthly payments, buy a second home, consolidate debt or get
pre-approved for a mortgage. A perfect credit score is not needed for an
FHA loan approval.
In fact, even if you have had credit problems, such as a
bankruptcy, it's easier for you to qualify for an FHA loan than a for a
conventional loan. Credit scores down to 500 are accepted if there are
compensating factors that offset the credit risk.
Call us 888.958.4228
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply now.
We look forward to working with you.
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.
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FHA Minimum Credit Score Needed to Buy a House
FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
- New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
- New borrowers with less than a 580 credit score will be required to put down at least 10%
- This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well
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888-958-4228