There have been a series of changes recently put into place by the FHA regarding FICO score requirements and down payments to qualify for FHA loans.
â€œNew borrowers will now be required to have a minimum FICO score of 580 to qualify for FHAâ€™s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.â€, according to acting Federal Housing Administration Commissioner and Assistant Secretary for Housing, Carol Galante.
An informative article on this topic can be read at:
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