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FHA loan requirements. ... You can have a lower credit score: An FHA loan provides a mortgage option for borrowers with credit scores as low as 580 or 500, depending on the size of the down payment.
FHA loans have their own specific set of requirements, including credit score and down payment, that may be lenient than other mortgages' criteria. ... If you want to put just 3.5 percent down ...
Key takeaways. FHA loans require a minimum 3.5 percent down payment for borrowers with a credit score of 580 or more. Borrowers with a credit score of 500 to 579 need to put 10 percent down.
FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 ...
Loan Type. Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) USDA loans. The USDA has no minimum limit, but lenders generally like ...
Below are some of the key differences between FHA and conventional loans. Credit score requirements. Many FHA lenders will work with borrowers who have a FICO Score of 580 or higher. Some lenders ...
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