Minimum Credit Scores for FHA mortgages
- MIN 3.5% Down with a 580 for better Credit Score.
- Min 10% Down with a 500 or better Credit Score.
- No Credit Score = 3.5% Downpayment.
FHA Minimum credit score requirements for FHA home mortgages depend on which FHA mortgage loan the applicant needs. In General, to get maximum financing on typical new Florida home purchases, Florida mortgage applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the FHA guidelines, “require 10% down payment”.
Florida Mortgage Applicants who have a minimum decision credit score of less than 500 are not eligible for FHA mortgages. Those with credit scores of 500 or better are eligible for 100% FHA mortgage financing with no down payment required when using the FHA No Credit Score home loan using alternate trade lines.
Don’t assume you cannot be approved for an FHA mortgage loan. We work withe all borrowers to get you approved. You may have changes in your credit score since the last time the credit reports were run? You may have options that can increase a bad credit score into a good score very quickly. Some potential mortgage applicants may need to spend longer time repair bad credit and establishing a stable reliable payment history.
Those with bad credit problems can often improve their scores quickly and become eligible even under the new updated FHA mortgage loan minimum credit score requirements. The first step is to request help from the a Florida FHA mortgage lender for counseling.
The best step you can take is to apply for a mortgage.
We can then show you exactly what you need to do to qualify for an FHA mortgage today!