FHA
FHA loans may offer flexible credit requirements and down payments as low as 3.5% for qualified borrowers. Approval depends on the borrower’s credit, income, debts, property eligibility, FHA guidelines, and lender requirements.
Learn more about FHA loan requirements from HUD.
Benefits
- Low down payment
- Credit scores below 620
- Easier qualifying
Low Monthly Payment
Low Credit Score
Flexible Qualification Options
Adam is a first-time homebuyer and has some credit issues from his college days, a couple defaulted credit cards and a few students loans that are just now getting caught up. Adam would like to buy a house, but has limited cash for his down payment.
The Problem
Adam’s realtor referred him to their in-house mortgage company who told him that he needed at least 640 credit score to get FHA financing. They advised him that he should continue to work on his credit, although he found the perfect bungalow in Seminole Heights.
Our Approach
Although Adam has a 584 credit score, his last 12 months of rent payments have been made on-time, he has a good job history, and has just enough for a down payment under FHA Guidelines of 3.5% down.
Results
After a 20-minute phone call with My Easy Mortgage, Adam was issued a pre-approval letter and was able to make an offer on his bungalow dream home near all of his favorite bars and restaurants.
Interested in Applying?