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Home buyers should already know they need to establish the best possible credit rating. FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments.

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September 22, 2017
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FHA.com is a private company, is not a government agency, and does not make loans.

FHA Credit and Your FHA Loan

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FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just out of reach for some would-be homeowners with questionable credit history.

Home buyers looking to take advantage of great FHA loan benefits should already know they need to establish the best possible credit rating. 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. Those that don't meet that criteria will have to put a down payment of 10 percent on the mortgage they want.

While FHA loans are known as a great service for people looking for help buying a house, applicants can make the process even easier if they take steps toward ensuring their credit history is in tip-top shape. The agency advises prospective home buyers to approach FHA loans with their best possible credit history to eliminate any potential risk of not qualifying.

When the Federal Housing Administration announced rule changes to help strengthen finances and protect against risk, one of the biggest changes was requiring a minimum FICO score of 580 to qualify for the attractive 3.5 percent down payment on mortgage loans.

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
What FICO Score Do I Need Buy A Home?

August 6, 2017 - First-time home buyer are likely to wonder about the kind of credit requirements needed for an FHA mortgage. According to Experian, there is no set minimum to buy a  house. However, that does not mean you won’t have any minimum FICO score expectations from a lender or the FHA.

Minimum Credit Scores for FHA Loans

July 1, 2017 - FHA regulations and underwriting requirements are subject to change from time to time. Some of the changes come as part of new laws that close legal loopholes, improve the fairness of the FHA mortgage loan process, or modernize the FHA loan program.

How FICO Scores Affect Your FHA Home Loan

May 12, 2017 - The FHA Handbook instructs lenders that a borrower is technically qualified for maximum financing  at the required minimum 3.5% down payment when the applicant has a FICO score at 580 or higher. 

FHA Loans and FICO Scores

April 7, 2017 - FICO score issues are a common source of stress to potential FHA borrowers. Everyone wants to know if their FICO scores are high enough to qualify for an FHA mortgage. Is it possible to qualify for an FHA loan or refinance loan with credit scores from 500 to 579? Or are higher scores required?

FHA Loan Rules for Down Payment Gift Funds

March 22, 2017 - Borrowers wishing to purchase a home with an FHA loan may need some help with the down payment. There are rules that permit a borrower to receive such outside help, but the source and purpose of these funds are carefully regulated under FHA mortgage loan rules.