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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 25, 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

Are There FHA Loans for Investment Properties?

September 25, 2018 - This is a common question, and at first glance, FHA loan rules do prohibit using single family FHA mortgages to purchase investment real estate. But much depends on the buyer’s definition of investment property compared to the FHA view.

FHA Down Payment Rules and Options

September 24, 2018 - FHA home loans are attractive to many borrowers because the FHA guidelines are more forgiving with FICO scores, and a lower down payment is required than for some other mortgages. But your down payment requirements aren’t just set by the FHA; lender standards also have a say.

What if I Have an Account Collection in My Credit History?

September 20, 2018 - FHA borrowers who have experienced this negative credit event often wonder if it account collections in their credit histories will hurt their chances for FHA home loan approvals; much depends on the age, the amount, circumstances, and lender requirements in this area.

Is it the Right Time to Apply for an FHA Mortgage?

September 18, 2018 - There are some important questions to ask yourself as you begin the planning stages for a new FHA home loan. If you are going into the process without the answers to these important questions, you might not be ready to apply for a new loan just yet.

What are Compensating Factors for FHA Loan Approval?

September 14, 2018 - Borrowers who have high debt ratios, and/or FICO score issues may still be able to be approved for an FHA mortgage loan but the lender may require one or more compensating factors to justify loan approval.

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!