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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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November 15, 2018
FHA Rates for November 15, 2018
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FHA Credit and Your FHA Loan

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FHA Credit Score Requirements

FHA loan rules apply for all borrowers when it comes to basic minimum credit standards. The FHA loan requirements that will affect your transaction include FICO score rules, down payment requirements, and the basic terms of your mortgage.

You cannot be rejected for an FHA home loan on the basis of factors that have nothing to do with your financial qualifications, employment, income, being an owner/occupier, etc. A home may not be suitable for an FHA loan, a borrower may be denied the loan because he or she doesn't intend to live in the property as the primary residence, or because of factors that affect the economic life of the property.

Credit Requirements for FHA Loans

Credit Requirements for FHA Loans

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 FHA Loan credit requirements may have put the loans just out of reach for some would-be homeowners with questionable credit history.




Benefits of Having Good Credit

Credit Requirements for FHA Loans

Homebuyers looking to take advantage of great FHA loan benefits should already know they need to establish the best possible credit rating. FHA loan applicants with a better credit rating increase their options for mortgage or refinance loans.

In order to qualify for the low 3.5% 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% on the mortgage they want.




Improving Your Credit

Improving Your Credit

If your credit is less than solid, consider delaying your home purchase and work on improving their credit scores. Applicants who have a minimum credit score of less than 500 are not eligible for FHA mortgages.

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




Fixing Credit Report Errors

Fixing Credit Report Errors

Some borrowers who want to apply for an FHA loan find their applications held up by problems with what is on their credit report. Take proper steps to check the accuracy of your credit report with Experian®, TransUnion® and Equifax®.

Once you've gotten your report from the three bureaus, carefully examine your credit history for anything out of the ordinary, such as unauthorized loans taken out in your name, incorrect late payment records or anything that seems questionable, no matter how minor you think it is.




Identity Theft and Fraud in the News

Identity Theft Issues in the News

Now more than ever, it is crucial to pay close attention to your credit reports due to elevated security breaches, hacks, and security compromises. No major corporation is immune to these attacks-including the credit reporting agencies themselves.

We've listed a timeline of some of the most headline-grabbing hacks reported in recent years. Remember, these are only SOME of the incidents you may have heard about; each one is a good example of why it pays to continuously monitor your credit.




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FHA Loan Articles and Mortgage News

FHA Refinance Loans: Five Things to Remember

November 9, 2018 - While using your existing lender may be easier, you may not always get the most competitive rates or terms without shopping around. Any participating FHA lender offering the refinance loan you seek can help you; don’t feel limited to the financial institution that originated your first loan.

Are You Ready for an FHA One-Time Close Construction Loan?

November 8, 2018 - There are important things to consider before you start discussing your needs with a participating FHA lender, and coming into this mortgage loan process fully prepared will definitely save you a great deal of time.

Affordable Down Payments for an FHA Mortgage

November 7, 2018 - The prospect of making a down payment on a mortgage loan can be daunting for some first-time home buyers. But there are ways to make your FHA home loan down payment more affordable. Start by working on your financial qualifications or looking for local down payment assistance programs.

FHA Texas One-Time Close Construction Loans

November 4, 2018 - FHA One-Time Close construction loans are an important option to consider for those looking for a home in Texas. That market is an excellent place to consider building a home from the ground up with a One-Time Close (OTC) mortgage.

Five Facts About Home Loan Closing Costs

November 3, 2018 - There are five basic facts you need to know about the closing costs associated with your FHA home loan. Knowing these facts can help you better plan your home loan budget, save up money for the costs you don’t wish to finance, etc.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!