Home Buying in Whitney>Question Details

Dallas Chamb…, Home Buyer in 76643

What are the FHA qualifications?

Asked by Dallas Chambers, 76643 Fri Feb 5, 2010

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FHA is a guarantee program run under Housing & Urban Development. While HUD does publish its minimum guidelines, each lender can make the qualfications more stringent, and usually do.

580 is the score that FHA prefers to use now as of 1/1/2010, but most lenders are looking for 640 or higher. You can find lenders in the range below 640 but they have other things they look at. 620 was a typical score required by many lenders until New Year's, but not now.
Web Reference: http://www.Mortgages-TX.com
1 vote Thank Flag Link Fri Feb 5, 2010
Minimun credit score of 620 and 3.5% down--some banks will allow 580 score with 10% down.
0 votes Thank Flag Link Fri Feb 5, 2010
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