Home Buying in 08234>Question Details

NJ, Home Buyer in Atlantic City, NJ

What is the minimum credit score for FHA loans? I have heard 580 and 620.

Asked by NJ, Atlantic City, NJ Wed May 2, 2012

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Joanne Bernardini’s answer
Information on FHA loan requirements that was gathered even two years ago is now out of date. Modifications to the rules for required credit score requirements have changed.To get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Applicants with a credit score of 500 to 579 according the the FHA guidelines, are "limited to 90 percent LTV". That means you must put 10% down.
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!
Joanne Bernardini
Coldwell Banker-Casa Bella Realtors
1 vote Thank Flag Link Wed May 30, 2012
FHA loans require a 580 score, Conventional require a 620.. I recommend The Lenders Network, they can refer you to an agent to help you find a home and a Lender or two that can get you pre approved.

Good Luck!
4 votes Thank Flag Link Sat Sep 28, 2013
Purchase new home or renovate your old one with 203k loan.
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.
1 vote Thank Flag Link Sat Jun 15, 2013
Sometimes your credit is better than you think. Maybe one of the negitve issues should have fallen off a while back or can be removed. I have a suggestion. First step is to choose an experienced ethical local loan officer. An experienced loan officer has more experience with credit issues than anyone and continually working with credit so up to date. They have incentive to strenghten the credit report because they want to make the loan. Be careful not to do anything that will effect your credit utill the loan officer looks it over. Sometimes even paying down a late can cause a problem. There are two good articles on credit at Your-Road-Home.com and also, Consultation-Interviewing Loan Officers, also on Your-Road-Home.com. When you have gathered up all the information you will find both loan officers and real estate people in your area available through Trulia. Best of Luck
1 vote Thank Flag Link Mon Feb 25, 2013
It will honestly depend on your down payment and a few other factors, howevever, I do have ability to go as low as 540 with some lenders. If you'd like to discuss you scenario in greater depth and help determine which route is in your best interest please contact me at your earliest convenience as I work with 30+ lenders. I look forward to helping.

Kindest regards,

Paul Marzolla
(201) 203-2266
1 vote Thank Flag Link Fri May 4, 2012
what type of downpayment is required with score of 556? we have moderate income but we 2 disabled children and our money is tight.
Flag Wed Sep 11, 2013
Sounds great but my question is you work with over 30 different lenders if I have a score around 550 does that mean that the lender can charge what interest he wants for the FHA loan.please advise....laurencebrooks1@yahoo.com.im interested in a FHA loan ASAP
Flag Fri Mar 29, 2013
The actual minimum credit score for FHA is 500. Scores from 500 - 579 require 10% down. Scores from 580 up require 3.5% down. People who tell you any other number do so because that's what "they" have available and has nothing to do with actual FHA guidelines.

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.…
Web Reference: http://WeFixRates.Com
1 vote Thank Flag Link Wed May 2, 2012
Some lenders accept 580 but needs another compensating factors. You should talk to a lender to get first-hand responses.

Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Tue Oct 8, 2013
FHA loans require a 580 credit score according to FHA.


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.
0 votes Thank Flag Link Fri Sep 20, 2013
I am here in pa with an 585 credit going for an fha, but also am putting 20 percent down plus closing cost... any one willing to help
0 votes Thank Flag Link Fri May 31, 2013
Technically it's 500. Realistically it;s 580. Lenders set their own credit limits on what they will accept, I know the lenders that go down to 580, if you want to talk visit my site http://www.thelendersnetwork.com
0 votes Thank Flag Link Thu May 30, 2013
It varies with each lender but the average seems to be 620
0 votes Thank Flag Link Tue Jun 12, 2012
thats my understanding for an conventional loan
Flag Fri May 31, 2013
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.
Warm Regards!!!!

Robert and JoAnna Washbrun
Balsley Losco 646-3207
1620 New Rd Northfield Nj )8225
609 513-4843
0 votes Thank Flag Link Sat May 5, 2012
bear in mind that regardless of the FHA guidelines the banks usually want a minimum of around 630 credit
0 votes Thank Flag Link Wed May 2, 2012
"Bare" in mind that banks are not the only source of FHA financing. There are plenty of brokers who have access to lenders that will fund FHA loans to guideline without overlays.
Flag Wed May 2, 2012
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