FHA announced a policy change to address risk and strengthen finances. FHA has changed the minimum credit score for new borrowers:
In the old days, FHA did not have a minimum credit score requirement.
FHA requires a minimum down payment of 3.50% for borrowers with a minimum credit score of 580. FHA requires a minimum down-payment of 10.0% for borrowers with credit scores below 580.
FHA loans have been helping people become homeowners since 1934. The FHA insures the loan, so you can get a better deal.
* Low down-payments
* Low closing costs
* Easy credit qualifying
FHA loans are continuing to support the nation's housing market recovery.
FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.
FHA minimum down payment of 3.5% |
VA loan no minimum down payment |
Fannie Mae minimum down payment of 5% |
USDA no minimum down payment |
FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan
FHA loan requirements - FHA loan limits - FHA loans - FHA Streamline
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Jun 01, 23 09:40 AM
May 31, 23 10:59 AM
Mar 02, 23 07:59 AM
Minimum credit score needed to buy a house or refinance
FHA
Requires a minimum credit score of 500 to buy a house or refinance
FHA streamline
requires no minimum credit score to refinance
VA
Requires a minimum credit score of 500 to buy a house or refinance
HARP refinance
requires no minimum credit score to refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a house or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a house or refinance
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888.958.5382