does fha have lower credit requirements

yes, fha can have with certain lenders a fico score of 500.. , the down payment will always be 3.5% unless you live in places like AZ , I CAN do at .5% down linda yourloanpartnerforlife@live.com

FHA does not have a minimum credit score requirement.. they only say if your score is below 580, you need a minimum of 10% down.. however FHA does not lend money,,, they only insure loans against default.. the lenders or those with the $$$, have their own set of rules in addition to FHA.. it's these "Overlay's" that insist your credit score be a certain number to qualify .. for most it's 640, and although there are lenders who allow for lower scores, just expect the guidelines to be even more strict with little to no flexibility, so because of this, few that apply actually get approved.. FHA requires 3.5% down, it can all be a gift, and we have a program that allows for only 1/2% down. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Hi Francine, In relation to Conventional loans that is Correct Both the Down payment and the credit scores to get a loan are lower. Depending on the property and area there are $0 down, $100 down and the normal 3.5% down. Also with FHA the seller can contribute more money towards your closing costs that with other loans. While FHA allows lower credit score the banks do have scores which they will not grant credit or require substantially more down payments and job stability to offset a lower credit score. I'd be happy to discuss your particular situation. We are a Local Houston Based Lender. Feel Free to give us a call.

yes some lenders will go down all the way to a 500 score

FHA Lenders do have option: >580 3.5% down payment, <580 is a 10% down payment. You have to check with your local licensed mortgage broker to see what options are available to you. www.namb.org to find a local licensed originator that will help you.

Yes they do have lower credit requirements than say conventional loans in terms of credit scores, but there are many other credit factors that have to be looked at. I would suggest to contact a local loan officer, do a loan application and have them review your credit report with you. This is usually a free process and well worth your time to find out where you stand. If for any reason you don't qualify today your loan officer should be able to tell you what you need to do to qualify in the future. Best wishes, Sean