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FHA 203(k) loan requirements. ... Credit score and down payment – You’ll need a minimum credit score of 580 with 3.5 percent down, or a minimum score of 500 with a 10 percent down payment.
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.
Credit requirements. Down payment minimum. Highlights. 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans. ... What is an FHA 203(k) rehab loan?
FHA also allows gifts to be used for down payment from the following sources: the borrower's relative; the borrower's employer or labor union; a close friend with a clearly defined and documented interest in the borrower; a charitable organization; a governmental agency or public entity that has a program providing home ownership assistance [26]
For example, if you’re an FHA borrower who opts for a 30-year term and a 3.5 percent down payment, you’ll pay 0.55 percent of the loan amount, divided by 12 and added to your monthly payment.
FHA loan: 3.5 percent down payment. FHA loans require a minimum down payment of 3.5 percent with a credit score of at least 580. If you have a credit score between 500 and 579, you’ll need a 10 ...
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