There are FHA loans and USDA loans. In theory there are no credit score requirements but in actual fact there are. I have lenders that say they can go down to a 540 credit score but I have never closed a loan with that score in this economic environment.
640 seems to be a score that every lender will work with but I know that above 580 can work too with certain lenders. If I were you I would not be concerned with what credit score works but what you need to do in your situation as everyone's situation is different. If you have lots of reserves (savings) your loan may be approved whereas someone in a similar situation may not. If your debt to income ratio (dti) is low you can probably qualify with a lower score than someone with a higher DTI.
My suggestion is to talk to a few lenders to see how you can qualify for a mortgage rather than try to figure out what score you need. If you do not qualify now a good loan officerer should be able to direct you to someone who can help[ with fixing your credit
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How are you? Thank you for your inquiry. I think what you meant was FHA LOANS and NOT FDA LOANS, is that correct? If so, FHA (Federal Housing Administration), also known as HUD (Department of Housing and Urban Development). The Federal Housing Authority is a federal entity that governs the FHA mortgage program, which is a low down-payment mortgage program with flexible credit and qualifying guidelines.mortgages. Here is a website that you can find out more on FHA Loans:
It gives you everything you need to know about FHA there. For FHA loans, you would require at least a 620 FICO Credit Score or higher in order to qualify for a loan. If you are a First-Time Homebuyer and have at least 580 credit score, I could refer you to a mortgage company that is will to take in a borrower that has only at least a 580 credit score or higher. If you are interested, please feel free to email or call me at (267) 918-1880 and I'll be more than happy to pass along their contact information for you.
Hope that helps!
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The term you are looking for FHA and the previous answer is a good one. You need to contact a lender if you are contemplating buying a home. They will go over all of that with you and explain the different types of loans available and the criteria that needs to be met. Also, you may be very close in scores and the lender will be able to help you improve those scores, sometimes in a relatively short period of time.