September 1, 2014

Why FHA Borrowers With FICO Scores Below 620 Can’t Get Approved

FHA-FICO-SCORES

FHA mortgage programs are the most lenient in the industry and borrowers with low credit scores have frequently had no other options except FHA financing. Current FHA guidelines state that borrowers with credit scores above 580 are qualified for FHA financing with only a 3.5% down payment.  The reality, however, is quite different as very [...]

Profile Of The Average FHA Borrower – How Do I Measure Up?

FHA-by-state

The FHA has become the primary source of mortgage financing for many Americans.  Over the short time span of 2007 to2009, FHA mortgage financing increased by more than 400%. The number of home purchases done using FHA financing exploded from 278,394 in 2007 to 1,109,582 in 2010. The FHA has increased its market share primarily [...]

FHA Loan With FICO Score Under 620 – What Are My Odds Of Loan Approval?

FHA-FICO-SCORES

The FHA has established minimum credit score requirements in order to be eligible for FHA financing. The FHA guidelines specifically exclude from eligibility any borrower with a FICO score below 500.  Theoretically, any borrower with a credit score above 500 can be approved for an FHA loan but realistically, the lower the credit score, the [...]

FHA Minimum Credit Scores – How Does My Credit Score Compare To Other Borrowers?

Consumer Credit Scores

Last year the FHA instituted minimum credit score requirements necessary to qualify for FHA loan approval. Many borrowers who wind up being turned down for FHA financing due to low credit scores often wonder how their credit scores compare to other borrowers.  Despite the financial pressures on households due to higher prices, stagnant incomes and [...]

FHA Minimum FICO Score Requirements Meaningless To Many Borrowers

A borrower’s credit score is one of the most important factors in determining FHA loan approval.  Not having a sufficiently high FICO score is one of the primary reasons that a borrower will be denied FHA financing. Late last year the FHA established minimum FICO score requirements.  The FHA guidelines, however, are meaningless for many [...]