FHA 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 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.
FHA refinance credit score requirements - To refinance your mortgage you need a minimum FICO score of 500.
Borrowers with a FICO score above 500 can refinance up to a 97.75% loan-to-value on a rate and term refinance. And up to 80% cash out refinance with a FICO score above 500.
If you have FICO score above 500 new FHA changes require a maximum loan-to-value of 97.75% for a rate and term refinance. And up to 80% cash out refinance with FICO score above 500.
Most banks require a minimum credit score of 640 for a FHA loan, we don't.
FHA credit score requirements - 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.
Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.
One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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