What Credit Score Is Needed For A FHA Mortgage?
With the interest rates at an all time low right now many consumers are looking to
take advantage of this and become a first time homeowner.
The housing collapse of
years ago caused fha mortgage guidelines to...
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What Credit Score Is Needed For A FHA Mortgage?
With the interest rates at an all time low right now many consumers are looking to
take advantage of this and become a first time homeowner.
The housing collapse of
years ago caused fha mortgage guidelines to tighten up and it is much more difficult
to qualify for a mortgage these days.
All loans now require proof of income in the
form of paystubs or tax returns, and most lenders are looking for the time on your
current job to be at least 2 years.
Aside from being able to income qualify to get
within their debt to income ratio, a fairly spotless credit report is required.
Most guidelines call for at least a 620 credit score, and that is with no recent
delinquencies or derogatory information contained in the credit reports.
This
includes late payments, charged off accounts, collection accounts and any recent
public record such as a tax lien, judgment or bankruptcy.
If the borrower had a small
hiccup in the past 6 months the score req
Less
