FHA currently does not legislate borrower credit scores. That being said, most lenders do. Typically, there can be significant increases to either the interest rate or the points charged to do the loan for credit scores lower than 640. I tell you this not to scare you, but to inform you. Right now we have a long-standing relationship with a FHA 203(k) lender that will approve loans at 620 or higher with no interest rate penalties. We have another lender that will go down to 580 with strong compensating factors. If you would like to get pre-approved or have more questions answered, please give me a call. We also work with clients to help them fix their credit so that they can qualify. Additionally, my company has over 10 years of experience originating and closing FHA 203(k) loans.
Ardain Mortgage Corp