FHA Credit Requirements 2017
FHA credit requirements 2017
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 a minimum score. These changes went in to effect in 2010.
To buy a home or refinance you will need a minimum FICO score of 500.
Borrowers with scores above 580 require a 3.5% down payment. The funds can be a gift from a family member and up to 6% seller concession is allowed.
If you have FICO scores below 580 new
FHA changes require a 10% down payment. The funds can be a gift from a
family member and up to 6% seller concession is allowed.
To refinance your mortgage you need a minimum FICO score of 500.
Borrowers with a FICO score above 580 can refinance up to a 97.75% loan-to-value on a rate and term refinance. And up to 85% cash out refinance with a FICO score above 580.
If you have FICO 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 FICO score below 580.
Most lenders require a minimum FICO score of 640 for a FHA loan we don't.
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 FICO 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. Scores down to 500 are accepted if there are compensating factors that offset the credit risk.
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KEYWORDS: FHA Credit Score Requirements 2017, FHA Florida Credit Requirements 2017,
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Minimum Credit Score Needed
to Buy a Home or Refinance
FHA
Requires a minimum credit score of 500 to buy a home or refinance
VA
Requires a minimum credit score of 500 to buy a home or refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a home or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a home or refinance
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