saturn asked in Business & FinanceCredit · 1 decade ago

What is the minimum credit score you need to have to qualify for an FHA home loan?

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  • 1 decade ago
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    FHA does not have a minimum credit score requirement. There are guidelines that you have to meet (home purchase price must be below a specified price for your area), and you do need to credit qualify but there is no minimum score requirement. I am a loan officer, and have personally closed several FHA loans with scores as low as 550.

    What they are looking for is a clean last 12 months. Nothing can be late, no new collections etc in the last year. You may also be required to pay off old collection accounts prior to funding the loan. Lastly, if you had a bankruptcy, you need to have been clean since the BK. They want to see that you have learned your lesson and are managing your credit appropriately.

    Last, whoever said FHA,VA, and Sallie Mae loans are bad. Sallie Mae loans are for student loans, not for home. FHA and VA have easier credit requirements than a conforming Fannie Mae/Freddie Mac loan, but still offer very low competitive rates. If you can't qualify for a conforming loan, but can qualify for an FHA it will almost always be your best route to financing.

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  • 3 years ago

    in case you extremely need this domicile, the final element you prefer to do is leap out of the frying pan into the hearth with another lender. in the experience that your broking provider has inspired you to apply FHA, then i've got faith he's professional. in case you have no longer study the information at present, a hundred% financing could reason good deal of worry using fact the money are intense and that they only artwork initially using fact lenders use "teaser expenses" to get you interior the door. Inquiries from different lenders willcontinual your credit down and could reason you to unfastened out on the FHA you have already been authorized for. And finally, given your modern credit, you in all probability won't qualify for a in many situations happening very own loan, no be counted what the down fee is. in case you prefer this domicile, stay placed and permit the chips fall the place they could.

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  • Anonymous
    1 decade ago

    I got a FHA loan on a credit average of 620 I think. It depends, I have heard it was a minimal score of 580 (your lowest), a middle score of 605, and a top score of at least 620. I like FHA, I hope you meet these standards.

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  • Anonymous
    1 decade ago

    Stay away from FHA, VA, and Sally Mae. Terrible terms and higher points.

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  • Anonymous
    1 decade ago

    I'm the co-borrower on my mortgage and I have a mid score of 518. Hubby has a 622 mid score. I was shocked that we got it quite frankly.

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  • 1 decade ago

    There are other factors too but a 600 might get it done.

    Good luck.

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  • 1 decade ago

    probably 850 the way this countries banking system works

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