I have found that the minimum credit score for an FHA loan is a huge confusion with buyers. Different lenders will report different requirements and many will try to offer credit repair services at pretty expensive rates. There is no credit score minimum set by the FHA. This means FHA has no credit score requirement to qualify for their insured loans. It is up to the lender to decide how much risk they are willing to take.
The FHA approved lender I like to use has set their cutoff at 550. This does not mean your life is over, and you will not be able to buy a house if your score falls below a 550. There are a few things you can do to improve your credit score over time. It may take a few months time but shopping for a home generally takes a few months time.
I am happy to provide free counseling on whether or not buying makes sense for your situation. FHA offers 97% financing/ 3% down payment. FHA requires full documentation of income. The current FHA loan limit for Orange County is $729,750.
Please comment or email me at info@rsbrealestate.com for more information.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment