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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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April 24, 2018
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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.

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FHA Loan Articles and Mortgage News

FHA, VA, and USDA Construction Loan Options

April 16, 2018 - FHA One-Time Close construction loan options are available for borrowers who wish to apply for an FHA mortgage, but don’t want to buy an existing property. Not all borrowers understand they have options for this type of loan-options that include VA and even USDA construction loans for qualified applicants.

What Size Home Can I Buy With My FHA Mortgage?

April 12, 2018 - There’s more than one factor at work in that particular equation, as we’ll see. Did you know you can buy or renovated a multi-unit property with an FHA mortgage? Or rent out the unused living spaces in your newly purchased property?

FHA Simple Refinance and the Rate-And-Term Refi

April 7, 2018 - The FHA loan program has several options to refinance a home loan. Borrowers need to choose mortgage refi options not only based on their financial needs and goals, but also their plans for the property they have purchased long-term.

Gaps In Employment and Reductions In Income

April 5, 2018 - FHA loan rules in HUD 4000.1 address situations where a loan applicant may have a short employment history, frequent changes in employers, and gaps in employment. They also instruct the lender how to proceed when a borrower has a temporary reduction in income.

FHA Loan Down Payments Vs. Total Required Investment

April 1, 2018 - If you are new to the home loan process, you may encounter industry jargon that sounds confusing. First time home buyers might not realize that most mortgages, FHA loans or not, require down payments plus cash needed to close.

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!