what credit score needed for fha loan

Best answer


580

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  • What credit score is needed for an FHA loan down payment?

  • Applicants with a better credit rating increase their options for mortgage or refinance loans. In order to qualify for the low 3.5 percent FHA loan down payment, applicants will need a FICO score of at least 580.

  • What credit score do you need to refinance a house?

  • Start Your Refinance Online Minimum Credit Score Requirements For An FHA Loan Technically, you can get approved for an FHA loan with a median FICO Score of as low as 500, but there are some serious drawbacks to an FHA loan with a score that low. The first is that you鈥檒l need a down payment of at least 10%.

  • Can I get an FHA loan with a credit score of 500?

  • Minimum Credit Score Requirements For An FHA Loan Technically, you can get approved for an FHA loan with a median FICO Score of as low as 500, but there are some serious drawbacks to an FHA loan with a score that low. The first is that you鈥檒l need a down payment of at least 10%.

  • What are the eligibility guidelines for FHA loans?

  • But the general eligibility guidelines for FHA loans include: 1 Debt-to-income ratio (DTI) of 50% or less, though some borrowers can qualify with higher DTIs 2 Two years of stable work history 3 A credit score of 500 or higher 4 A down payment of 3.5% (10% if credit score falls between 500-579)

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