New FHA Mortgage Insurance Premium
New FHA Mortgage Insurance Premium
FHA has lowered its monthly mortgage insurance premium to 1.35%.
What's the minimum credit score for an FHA loan approval?
The answer is. It depends on who you ask!
After the financial crisis of 2008 all the major banks raised their credit standards for approving FHA loans. 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, all the major banks including Wells Fargo, Bank of America, Chase, Citigroup, etc. banks make the rules for loans they will approve.
When you apply for an FHA mortgage 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 requirement. It means that they are the bank's credit score requirements.
As a licensed residential mortgage broker we will match you with the lender that will approve your FHA loan.
New FHA Mortgage Insurance Premium
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We look forward to working with you.
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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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What's the minimum credit score needed to buy a house or refinance
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Requires a minimum credit score of 500 to refinance
VA
Requires a minimum credit score of 500 to refinance
Fannie Mae
Requires a minimum credit score of 620 to refinance
Freddie Mac
Requires a minimum credit score of 620 to refinance
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888-958-4228