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You cannot get an FHA loan if your credit score is below 620, since it is backed by the government, they have very strict guidlines on the process. However, if you work with a mortgage lender that does FHA, often times they have "credit rescoring" prgrams that will tell you exactly what you need to do to get your score to the 620 that you need. Once you do what they need, they can do a rescore and it will raise you credit. Good luck!
What else can I help you with?
How could the FHA help with a bad credit home loan?
The FHA can help with a bad credit home loan by allowing one to get a mortgage despite having bad credit. They are loans insured by the federal government.
What mortgage lenders will loan someone with a poor credit history?
In this lending climate there are very very few options if your credit is poor. FHA loans are the most forgiving.
What companies offer mortgages to consumers with poor credit?
The internet is host to many companies that offer mortgages to people whom have poor credit. Some examples of such companies include Capital Fortune, FHA Bad Credit Home Loan and Mortgage Calculator.
What are some home loan lenders for people with bad credit?
There are lots of places online where someone can find home loan lenders for people with bad credit. Some of these home loan lenders are Realtor and FHA.
Can you change from a FHA loan to a conventional loan?
It's possible to refinance from an FHA loan to a conventional home loan, but the underwriting guidelines are different. For example, FHA allows a higher loan to value, and a lower credit score to qualify for a mortgage. See: http://www.loandepot.com/LoanOptions/FHA.aspx
How could the FHA help with a bad credit home loan?
The FHA can help with a bad credit home loan by allowing one to get a mortgage despite having bad credit. They are loans insured by the federal government.
what is the minimum credit score for an FHA home mortgage?
If you have some credit then you will typically need a minimum middle credit score of 580 to qualify for a FHA loan.
How much can you get on an fha loan?
The FHA programs are a great way to purchase a home,with limited funds or credit. The limits for an FHA loan will vary from state to state as the cost of rea estate changes with location.
What is a good mortgage company to work with to get a home loan if I have bad credit?
You can try going through the FHA for a loan.
What mortgage lenders will loan someone with a poor credit history?
In this lending climate there are very very few options if your credit is poor. FHA loans are the most forgiving.
What companies offer mortgages to consumers with poor credit?
The internet is host to many companies that offer mortgages to people whom have poor credit. Some examples of such companies include Capital Fortune, FHA Bad Credit Home Loan and Mortgage Calculator.
What are some home loan lenders for people with bad credit?
There are lots of places online where someone can find home loan lenders for people with bad credit. Some of these home loan lenders are Realtor and FHA.
Can you change from a FHA loan to a conventional loan?
It's possible to refinance from an FHA loan to a conventional home loan, but the underwriting guidelines are different. For example, FHA allows a higher loan to value, and a lower credit score to qualify for a mortgage. See: http://www.loandepot.com/LoanOptions/FHA.aspx
What are the requirements to qualify for an FHA home loan?
"Requirements for an FHA home loan vary depending on what kind of loan you are applying for. If you are applying for a re-structuring loan, you need to own a home. If you are applying for a first mortgage, you need good credit, a deposit and a social security number."
I have bad credit. Wwould I qualify for an FHA home loan?
If you have bad credit to qualify for a fha home loan you would need a bigger deposit usually around 10% which is higher than the standard 3.5%. You could also try and improve your credit rating before applying.
What is the difference between an FHA home equity loan and traditional home equity loan?
An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.
Is an FHA loan a type of government mortgage assistance?
Yes, an FHA loan is a special program for first time home-buyers. It offers you a first time home buyer credit and is a form of government assistance.
