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Credit score for FHA refinance. Credit score minimum: 580. You can refinance an FHA loan with the same minimum credit score you needed to get one: 580. However, if you qualify for an FHA ...
Credit score minimum. 620. 580 with a 3.5% down payment or as low as 500 with at least 10% down. Down payment minimum. 3% for fixed-rate loans; 5% for adjustable-rate loans
Loan type. Credit score minimum. Conventional loan. 620 or 660 depending on program. FHA loan. 580 (or 500 with a minimum 10 percent down payment) VA loan
You might qualify for an FHA loan with a credit score of 500 to 579, with a 10 percent down payment, or with a 3.5 percent down payment if your score is 580 or higher. ... 660-679. 6.839%. $1,964 ...
If you want to put just 3.5 percent down, the minimum credit score for an FHA loan is 580. You can qualify with a score as low as 500, but you’ll need to make at least a 10 percent down payment.
Of the two, however, FHA loans are more flexible in terms of credit and income. You can qualify for an FHA loan with a credit score as low as 580, or 500 if putting at least 10 percent down.
FHA loans: FHA loans allow you to borrow money for a home purchase with a credit score as low as 580 and a down payment of just 3.5 percent — or a credit score of 500 if you put down 10 percent.
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.