FHA loans also have lower down payment percentages than conventional mortgages, and the interest rates are typically lower. At time, you can even qualify for an FHA loan with a lower credit score. FHA minimum down payment is 3.5% with a 580 credit score and if credit score is between 500 to 579 FHA will require 10% down payment.

 

Is an FHA loan the right fit for me?

An FHA loan may be for you if you are looking for a lower down payment, if you’re credit score isn’t perfect or you tried for a conventional loan and you got denied. Typically credit scores below 620, debt ratios higher than 45%, and a bankruptcy or foreclosure in that has been discharged for at least 2-3 years, 2 years for a bankruptcy and 3 years for foreclosure, you need to be looking at an FHA loan.

 

 

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Published by Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans

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