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Credit Score and FHA Loans

FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a credit explanation letter with extenuating circumstances as to why the credit score is as low as it is in order to be approved.

Currently, FHA has different Mortgage Insurance costs depending on a buyer's credit score.

We also work with a credit repair specialist who helped write the FICO model and is VERY GOOD at helping buyers get their credit scores improved. He is the least expensive I have ever seen - he only charges $200 for an individual or $300 for a couple!

All other guidelines must be met but if you have a client that says their credit is "less than perfect", feel free to contact us to see if we can help get them into a home!

Posted by Sue Botelho-USDA Rural Housing Mortgage Pro on 08/28/2008 03:50 PM

Comments (1)

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This post has been included in Florida Information
Post is included in group: Florida Mortgage News and Information
Post is included in group: Mortgage Marketing Tips and Strategies
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Post is included in group: The FHA Mortgage Group
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1 Comments on Credit Score and FHA Loans

Strong... I think you will be able to find the best rates anywhere, for anyone... I will keep you at the top of my lender list, for myself, my family, and my clients...

09/09/2008 10:27 PM

by Robert Monk Florida Real Estate (100% Realty, Inc.)

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