June 13, 2024

Archives for December 2011

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

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 […]

Most FHA Mortgage Downpayments Come From One Source

For most borrowers, the hardest part on the path to home ownership is being able to save the required downpayment.  In addition to the basic downpayment, a borrower also needs funds for a home inspections, an appraisal, legal fees, title costs and mortgage company fees. Since it is difficult for many first time home buyers […]

FHA Loan Losses May Trigger Taxpayer Bailout and Higher FHA Insurance Premiums For Borrowers

Due to increased loan losses on FHA insured mortgages, borrowers may soon be facing an increase in FHA insurance premiums. In testimony before Congress, Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD), stated that due to an almost total depletion of the FHA Mortgage Insurance Fund, it may become necessary […]

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

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 […]