does any one know the minimum credit requirements for an fha loan?
Currently my credit is right at a 600 but when I call the banks inquiring about loans they say the minimum is 620 or 640, however earlier this week someone told me fha only requires a 580. That would be amazing. Does anyone know if this is correct?
- 1 decade agoFavorite Answer
The Department of Housing and Urban Development(who oversees FHA loans) does not necessarily impose a minimum score. It's the lender who actually gives you the loan, so they can decide on the minimum score. It's most likely around 620 for most lenders. So basically, it's best to ask your lender, or a loan officer at your bank.
- navoltLv 44 years ago
minimum credit is a 620. you will could positioned down a minimum of three.5% plus the domicile itself could be authorized via the FHA. You "locate" an FHA very own loan at banks....same place as all different loans.
- bdancer222Lv 71 decade ago
Minimum FHA is 620. But don't count on that automatically getting you a loan. Score is only a very small part of the process. What does your actual credit report show? If you have negatives, mortgage lenders will require your settle them before they will approve you.
Other major factors: debt to income ratio, stable employment history, other assets, downpayment and closing costs....Source(s): BD