FHA loans in PA?

So I have been doing as much research as I could to get a better grasp on FHA loans in PA but I only have found information for other states that really answer my question, So the questions are, For an FHA loan in PA is there any type of credit score requirements? and What percentage of a down payment does the FHA loan require?


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One Response to “FHA loans in PA?”

  1. Rono says:

    Even though the FHA does not have a score requirement (FHA does not loan the money. They guarantee it.), nearly all lenders have gone to a minimum score (middle of 3 bureaus) of 580. A few are higher. Except for rates varying a small, most states will have the same underwriting requirements. Unfortunately, many lenders have also gone to a more strict automated underwriting where Fannie Mae and Freddie Mac has to return an "approve". Previously you could still get a loan for a "refer" (as in refer to manual underwriting). Many if not most people with a 580 score would not get an "approve". Wish I had better news but lenders have seriously tightened their loan requirements since the sub-prime implosion. If it helps, I hava a bunch of FAQ’s about FHA on my website. If your score is below 660 you need to work on improving your score as soon as possible. It can be done. Excellent Luck.

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