Related Articles
Related FHA and HUD Posts
- What percent under the asking price will HUD accept as an offer on a property?
- Why is HUD so picky about who gets housing with them?
- What are HUD houses and are they defective?
- What are the different between hud, switches, and routers?
- does anyone know of any lenders that do manual underwritings for FHA loans?
- What Is the difference between Section 8, that I applied for at my HUD Apts. and Housing?
- Do you think congress will raise the maximum loan amount for FHA loans, because of the subprime crisis?
- How do you make a rental property into a "HUD" home?
- Is it possible to qualify for 100% financing with a FHA home loan?
- Are HUD tenants allowed to organize activities for themselves?
- Which company provide foreclosure hud listings?
- how can i find a hud tag to a 1978 Somerset which the house have been stuccoed over?
- what does “Owner/Agent elects not to participate in HUD’s Section 8 program”?
- Buying bankruptcy or foreclosure home…which is best?
- can you refinance $330000 LOAN UNDER FHA?
- My FHA Refinance loan was declined. Am I able to get refund on appraisal fee. I live in New York State.?
- if i am renting a house on hud do i have to provide my own air conditioner as well?
- How Do You Hide The HUD In Team Fortress 2?
- If you get an FHA loan on a foreclosure are the closing costs less?
- What is a HUD home and how do you buy one?
- anyone have success remod home loan thru hud?
- Is the streamline refinance on a FHA loan worth doing I have an intrest rate at 5.75 on 195000.00 at 30 years?
- does anyone know any non-profit organizations that are assisting with down pay for FHA loans? (8000 tax credit?
- I’m a veteran and currently living under HUD. What possiblities are out there to live in our own house?
- When will there be a bailout of automobile credit like the one coming for housing through FHA buyouts?
- my credit score is like 560 and i am interested in buying a home either through hud or single family /low inco
- What is the best interest rate right now for an FHA loan? I have excellent credit?
- Can I get a FHA home loans with bad credit and a low credit score?
- If I had a HUD house before and some how it was foreclosure can I purchase another HUD house with bad credit
- What is the difference in the process of purchasing a foreclosed home compared to a HUD home?
- If I knew of a potential solution to the current mortgage crisis that already exists through HUD and required?
- If Fha isn’t credit score driven why am I having such a hard time getting a loan?
- I want to begin rehabing hud homes or homes in general and then sell how do I do that?
- I got evicted from my house (HUD). Can I go to another?
- With an FHA loan, are you allowed to cancel your escrow account?
- i want to rent out hud homes to people people in need in chicago how do i go about doing this?
- How will this credit crissis and bank bail out affect VA and FHA loans?
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FHA does not have a minimum credit score requirement. There are guidelines that you have to meet (home buy price must be below a specified price for your area), and you do need to credit qualify but there is no minimum score requirement. I am a loan officer, and have personally closed several FHA loans with scores as low as 550.
What they are looking for is a clean last 12 months. Nothing can be late, no new collections etc in the last year. You may also be required to pay off ancient collection accounts prior to funding the loan. Lastly, if you had a bankruptcy, you need to have been clean since the BK. They want to see that you have learned your lesson and are managing your credit appropriately.
Last, whoever said FHA,VA, and Sallie Mae loans are terrible. Sallie Mae loans are for student loans, not for home. FHA and VA have simpler credit requirements than a conforming Fannie Mae/Freddie Mac loan, but still offer very low competitive rates. If you can't qualify for a conforming loan, but can qualify for an FHA it will nearly always be your best route to financing.