If there is one loan program that can help the greatest variety of borrowers it has to be that of FHA Loans. FHA Loans have some of the most relaxed guidelines of any loan program which make it as easy as it can be to obtain a mortgage for prospective borrowers.
In this article we are going to focus on FHA Credit Score Requirements as this is the first thing most borrowers think about before applying for a home. FICO credit scores are vital to obtaining any type of debt and is just as important for obtaining a home mortgage as well. However, given the relaxed FHA Loan Guidelines you might be surprised as to who can get approved for a loan and just how easy it can be.
As you know your FICO credit score is used in conjunction with FHA Credit Score Requirements in order to let you know exactly which type of loan you are going to qualify for. In its simplest form there are 2 levels of the FHA Credit Score Requirements and they are:
A common misconception with FHA Loan Guidelines is that you aren’t able to obtain a mortgage with a FICO credit score under 580, but this is not the case. Yes, it may be a little harder to get a loan but the FHA 4000.1 Handbook lets you know exactly what is needed in order for you to take advantage of such an attractive mortgage program. This is why you need to work with an expert at Mortgage Scenarios as we can get you on the proper path to home ownership as we work with borrowers of all credit profiles. This is how we differ from most lenders and banks as we strictly follow FHA Credit Score Requirements to make sure we offer our borrowers exactly what the guidelines permit.
Aside from the FHA Credit Score Requirements there are also many other reasons to entertain an FHA Loan:
Hopefully you now know about the FHA Credit Score Requirements as well as a few other aspects of FHA Loans and now all you need to do is reach out to Mortgage Scenarios and get the process started. We will be upfront and honest with you to deliver the most transparent mortgage process possible.