Credit requirements for FHA Home Loan are comparatively less stringent as compared to
The first thing to know is that there is no specific score requirement specified by FHA. The loans are underwritten based on overall credit profile of a borrower. Most lenders use automated systems like Desktop Underwriter by Fannie Mae or Loan Prospector by Freddie Mac ,along with investor specified credit score requirements,to determine eligibility. If the loan is auto approved by DU or LP and score requirements are met then other factors like lates (Not Mortgage Lates) ,collections, charge offs are accepted ,relatively easily ,by underwriters. Generally a prospective Buyer may not like to pay charge offs or ancient collections and this may be possible on an auto approval.
Judgements and Tax Liens
Judgements and Tax Liens are a different ball game since these affect title. A 12 month history from IRS may be accepted by certain lenders and prospective Buyers may not be questioned to clear the entire outstanding tax Lien in one go. Judgements normally need to be paid.
Credit Scores 640 + or 620 +
Credit requirements required by majority FHA Home Loan Lenders has already been increased to 640 for the past few months now. The earlier score requirements were 620.There are some lenders who will finance borrowers with 620 + fico .There are no additional pricing hits for FICOs being below 640 and above 620.
Credit Scores Below 620
Few FHA Home Loan lenders will accept such borrowers ,if they have NO NEW lates in the last 12 months. Any new collections or charge offs opened as a result of lates before the last 12 months are considered OK.
No Active TradeLines or No Scores
The same principle applies. Some FHA Home Loan lenders will accept such borrowers if they have NO NEW lates in the last 12 months.Any new collections or chargeoffs opened as a result of lates before the last 12 months are considered OK only if Non Traditional credit can be established .Non Traditional Credit for 12 months can be documented in the form of Rent payments, Telephone/ Cell phone  payments, Electricity, Water, Garbage, Cable, Storage or any other payments made consistently for the last 12 months. Generally a combination of 4 Traditional or Non traditional lines are required .
We write articles covering a wide range of topics ,on a regular basis , on Loan Qualification for FHA Home Loan,VA Mortgage Loans,USDA Home Loans and Conventional Home Loans.The articles are available on our website and HomeSearchFinderBlog.com.
HomeSearchFinder.com provides a Proprietory Affordability Calculator. It matches your profile against the programs our lenders offer and instantly communicates the PreQual amount and the Buy price you are eligible for.
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Fha Home Loan Credit Requirements
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