FHA

FHA allows a borrower with a minimum credit score of 580 to buy a home with only a 3.5% down payment. The guidelines allow a borrower with a minimum credit score of 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

New guidelines allows a home buyer with a minimum credit score of 580 up to a 6% seller's concession. The seller is allowed to pay for your closing cost. The seller's concession must be written into the sales contract.

Borrowers with a credit score below 580 new guidelines require a minimum down payment of 10%. The guidelines allow a borrower with a credit score below 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

New guidelines require a minimum credit score of 500 for all loans.

Home buyers with a credit score below 580 are required to make a 10% down payment. The down payment funds can belong to the borrower or can be a gift and up to 6% seller's concessions are allowed.

New refinance guidelines.

Home owners with a credit score above 580 can refinance up to a 97.75% loan-to-value. New guidelines allows up to 85% loan-to-value for a cash out refinance. Closing cost can be rolled into the new loan amount.

Home owners with a credit scores below 580 require a maximum loan-to-value of 90% for a rate and term refinance. And up to 75% cash out refinance with credit scores below 580.

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 credit score is not needed for an FHA insured loan approval.

In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for a HUD insured loan than a for a conventional loan. Credit scores down to 530 are accepted if there are compensating factors that offset the credit risk.

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