FHA purchase - FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
FHA requires a minimum credit score of 500. There are no income limits like you may find with other first time home buyer programs. However, there are limits on how much you can borrow.
FHA allows a home buyer to make a down payment of 3.50% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyer with credit scores below 580 must make a minimum 10.0% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost is allowed.
FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed. FHA regulates some of the closing costs associated with a FHA loan.
Credit score - On January 20, 2010, FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.
This has allowed the FHA to better balance its risk and continue to provide financing for home buyers.
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