July 22, 2024

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 […]

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 […]

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 […]