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

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

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 homebuyers 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 homebuyers 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 Home Loan Down Payments: What to Know Before You Buy

March 13, 2024 - FHA home loan down payments are typically lower than many conventional mortgage equivalents, especially if you can’t afford the 20% down needed to avoid conventional private mortgage insurance, which is required on a conventional mortgage.

Home Loan Interest Rate Facts

March 1, 2024 - Home loan interest rates are back in the 7% range, with dips back to the 6% range along the way. What do you need to remember in a time when the housing market is trying to improve but is hitting some rocky territory along the way? We cover some of the major issues in this article.

FHA Loan Requirements Can Be Confusing

February 28, 2024 - If you are new to FHA loans, their requirements can be confusing at first, at least until you are more familiar with the loan program and its rules. A glance at the FHA loan approval basics typically needs a bit of explanation, as we’ll discover in this article.

Construction Loan or Rehab Loan?

February 27, 2024 - If you have never bought or built a home, your options may initially seem confusing. The more you learn about different loan types and the application of those home loans, the more you realize you have a wealth of options depending on your goals and needs for the home.

Home Loan Scam Tactics You Should Know About

February 25, 2024 - Major lenders are warning home loan applicants about scams. These warnings are issued frequently. What makes the current round of warnings different and more urgent is the level of sophistication these swindles have reached recently.