2017 FHA minimum credit score requirements



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 FHA allows the seller to pay up to 6% of the purchase price for your closing cost. 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. The funds can be a gift from a family member and FHA allows the seller to pay up to 6% of  the purchase price for your closing cost. Often, 12 months of rental history is required for credit score below 620.

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.

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.

Apply now!

Call us 888-958-4228


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.

Apply Now

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.

LOGO

KEYWORDS: 2017 FHA Minimum Credit Score Requirements Florida,

Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Mobile Home FHA

    Sep 27, 23 11:46 AM

    Mobile Home 2
    Mobile home FHA minimum credit score

    Read More

  2. First Time Homebuyer New Jersey

    Sep 27, 23 11:45 AM

    First time homebuyer New Jersey 2023. FHA minimum credit score is 500... minimum down payment... maximum loan amounts... loan-to-value (LTV) requirements... debt-to-income ratios... housing expense ra…

    Read More

  3. FHA Credit Score Requirements

    Sep 27, 23 11:44 AM

    blog.png
    FHA credit score requirements. FHA policy 3.5% down payment with above 580 credit score. Below 580 10% down payment. FHA refinance requires a minimum 500 credit score for a cash out or rate and term…

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

Minimum Credit Score Needed

to Buy a Home or Refinance


Apply Now!

FHA

Requires a minimum credit score of 500 to buy a home or refinance

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home or refinance

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620

Call Now, Our Staff is Available

888-958-4228

Apply Now!