The next most popular loan category for home buying is an FHA government loan.
Most banks will have a 620 minimum credit score. This program best use is a low-down payment in combination with a 680 credit score. The borrower will enjoy a lower rate than conventional and lower monthly PMI when applicable. The overall guidelines are more flexible in all areas including credit, assets, and income requirements.
Federal Housing Administration allows for a minimum of a 580 credit score with 96.5 LTV and 500 credit score with 90% LTV. However, most banks will set their own overlaying minimum requirements. Using the pricing engine will allow you to know which banks will allow these lower credit score scenarios.
Loan Purposes:
- Purchase
- Refinance Rate/Term
- Refinance Cash Out
- Streamline Refinance
Occupancy Types:
- Owner Occupied
- Non-Owner Occupied (only on streamline refinances)
Property Types:
- Single Family Home, PUD, and FHA Approved Condos
- Duplex
- Triplex
- Fourplex
Please select one of the following:
Guidelines
Matrix
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