Applicants who wish to qualify for 100% FHA loan financing with no down payment required the FHA 203(h), Mortgage Insurance for Disaster Victims home buyers will need a credit score of 500 or better.
To get specific information on different types of FHA Loans available go to:
If I can be of help in locating your new home, please contact me!
Coldwell Banker-Casa Bella Realtors
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
This info can be found in the FHA Guide section 4155.1 4.A.1.c - Determination of Credit Worthiness and Minimum Credit Score Requirements at this link: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.
Most Lenders will require a 640 score these days, however there are still a few Lenders that can fund FHA loans with a 580 credit score. We have access to these Lenders and will refer you to a reputable Lender that can help you with low credit score. We have helped hundreds of borrowers with scores under 620 get approved for financing. Visit our site if you would like us to find a Lender that an help you get pre approved.
Thank you for your Questions. This question is for a lender who will need to review all the income
history to fully evaluate. From my experience 620 is the cut off for a mortgage but it may have a bit to do with down payment as well.
Please feel free to contact us for mortgage info and showings. We will need to a letter of committment and buyers agreement.
Robert and JoAnna Washbrun
Balsley Losco 646-3207
1620 New Rd Northfield Nj )8225