The credit requirement can vary based upon the specific loan product, the values involved in the purchase (down payment, home cost, etc.) and the buyers credit history. Generally speaking maximum financing can be achieved with a credit score of 580 or more. Those who put 10% down can have a credit score above 500. All lenders will not accept these low credit scores but they are acceptable to the FHA.
Disaster victims with credit scores of 500 are eligible for 100% FHA financing with no down payment when using the FHA 203(h), Mortgage Insurance for Disaster Victims. Let us determine if your credit score, credit history and finance strategy is achievable with the FHA. This is what we do. You may have options that can improve a poor credit score.
Some people with significant credit problems can improve their scores over time and become eligible for FHA financing. We will review your status and let you know if you qualify for an FHA loan and we will further let you know the interest rate and terms you are most likely to be able to achieve.
