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What is the minimum required credit score for an FHA loan?

My median of the 3 credit bureau is 694. will this be sufficient to acquire a pre-approval for an FHA loan?
  • May 12 2009 - Los Angeles
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Answers (15)

Victor is on a roll today.......
  • May 26 2009
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Holy Schnikes!  Victor you are funny. Chaotic-do you know what that means?  I'm not seeing chaotic. 

And by the way, it's apologize....not apologies.

[inappropriate comment, removed by moderator]
  • May 26 2009
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Sir,
I apologies for her chaotic behavior not all of us
"Lenders" are like this.

  • May 26 2009
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I don't need to read his title as he does not have one Vic.  However, he was nice enough to indicate on his post where he was located at.   That would be Los Angeles, CA, or could you not read that?
  • May 26 2009
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Hello.... Read his title again...

It was a general question: What is the minimum required credit score for an FHA loan?

He is specifying a state of is he?

lol... wow...

I can't wait for those Mortgage Banking Exams... we'll finally weed out all the people who jumped on the bangwagon.
  • May 26 2009
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Vic, why mention NJ when the borrower is obviously in CA? 
  • May 26 2009
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We as Direct lenders will only do a 620.
BUT I have a bank who'll do 560 on NJ purchases only.
  • May 26 2009
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FHA does not have a credit score minimum. However, each lender can make their own requirement on that and many these days are looking for at least 600 though others require a 620, a 640 or even a 660.   
  • May 16 2009
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Hi Philip,
694 is sufficient and today you can secure a 4.875% w/ zero buydowns.  FHA is an awesome option especially w/ your down payment concerns.  Have you been pre-approved?
  • May 15 2009
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Okay the more information provided the more detailed the answer. But either way your score will allow you to qualify for an FHA.
  • May 14 2009
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Mickey,

the reason why i didn't do a conformal loan is because the lack of down payment.

regards,

-Philip
  • May 13 2009
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620 is the minimum. You may be better off in a conventional loan. Why FHA?
  • May 13 2009
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Most lenders are still at 620 Median while others have increased their requirements to 660 median.  HUD has no requirement, however Lenders make the loan (not HUD) and the lenders take 75% of the risk on the loan if it were to go in default...as a result their requirements supercede and/or are equally important to those set forth by HUD
  • May 13 2009
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90% of mortgage companies use 620 as a lender overlay, not really FHA's rule.
  • May 12 2009
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Yes that is sufficient.




  • May 12 2009
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