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It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have. Ideal for borrowers who.
The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify. Thanks to a new FHA policy,
See how else your credit score affects your mortgage rate. The higher your credit score, the lower the interest rate on your mortgage.. FHA loans: The Federal.