FHA MINIMUM CREDIT SCORE

MORTGAGE-WORLD.com is an online mortgage company specializing in FHA loans. We are experts with over 20 years of experience originating FHA loans. Since 2008 we have specialized in FHA loans for borrowers with less than perfect credit.

The minimum credit score to purchase a home or refinance with an FHA loan is 500. An FHA loan is a mortgage that’s insured by the Federal Housing Administration and allows borrowers to buy a home with a down payment as low as 3.5% and a minimum 580-credit score.

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MINIMUM CREDIT SCORE

FHA MINIMUM CREDIT SCORE

Purchase or Refinance:

  • No landlord
  • Build equity
  • Pride of ownership
  • First time homebuyer
  • Property tax deduction
  • Need a bigger house
  • Interest deduction
  • Downsizing
  • Home Improvements
  • Bill Consolidation
  • Large Purchases
  • Investments
  • Schooling
  • Cash-out

MINIMUM CREDIT SCORE

Minimum Credit Score to Qualify Above 580

To be eligible for an FHA loan with 3.5% down payment you must have a minimum 580 credit score. 580 is a good credit score to qualify for an FHA loan and buy a house. FHA guidelines allows you to apply for a loan with only 3.5% down payment if you have a minimum 580 credit score and the down payment can be your own funds or a gift. FHA allows the seller to pay up to 6% for your closing cost.

Minimum Credit Score to Qualify Below-580

Homebuyers with less than a 580-credit score will be required to make a down payment of at least 10%. To be eligible for an FHA loan you must have a minimum 500 credit score and the down payment can be your own funds or a gift. FHA allows the seller to pay up to 6% for your closing cost.

FHA Refinance Rate & Term

 FHA allows up to 97.75% loan-to-value with a minimum 580 credit score. Generally, a borrower who has made timely payments for the last 6 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum credit score to be 580 for 97.75% loan-to-value and anyone refinancing with a score lower than 580 will require 90% loan-to-value.

FHA Cash-Out Refinance

FHA refinance allows cash-out amount up to 80% of the value of the property with a minimum 500 credit score. Cash-out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage in order to cash-out. Therefore, taking equity from the property and using the refinance to get cash-out.

Call us 888.958.5382

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FHA MINIMUM CREDIT SCORE

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