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Answers (6)
- Mitchell Mallahan, "Money Man Mallahan"
- Contributions:51
The correct answer to this question is that there is no minimum credit score for FHA. It is underwriter's discretion based upon all compensating factors if under 600 for us at Bank of America or whatever other lender's low score target is.
- Quinn Segars, "AgentQ"
- Contributions:6
620 is the going rate for a typical FHA Loan
- paul weinzimmer, "FHAPAUL"
- Contributions:128
You can do a FHA purchase at a 580 middle credit score if you have 12 months of documented(canceled checks) rental history. The rate will be awful(6%++), but you should be able to refinance for a better rate after 12 months of on time mortgage payments. Check to see if any of your local brokers use a lender called American Financial Resources(AFR).
Paul
Paul
- CRESTICO
- Contributions:62
some lender will still go as low as 580 but it really depends on your over all credit.
- Linda Landis, "Linda Landis"
- Contributions:5
I have 600. But aside from credit score, underwriters look at the content of the credit report.
- Kelly Lacey, "kellylacey"
- Contributions:797
Most lenders require a score of 620.
what is the min credit score for getting approved for the FHA loan?
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