What is an acceptable credit score for FHA purchase?
What is the minimun credit score that is acceptable. For a 30 yr fixed loan or an FHA.I am looking to get a loan early next year for about $165,000 to buy a duplex/condo in Naugatuck, CT. I am working on my credit now to improve it. I am from CT ,but currently live in NC. I really need to move back to CT, ASAP. This mortgage would actually be cheaper than rent and help me alot. by ThomasRhodes12 from Naugatuck, Connecticut. Aug 28th 2009
Philip Baldessarre (Phillip Baldessarre)
#4 ranked lender in New York - 4 contributions
There is no real minimum score for FHA lending. Many of the lenders that we deal with do require a 620 score in order to get the best rate. We do have programs available for lower credit sscores. If you have any questions please do not hesitate to give me a call. (845) 621-4251 EXT- 10. Thank You, Philip Baldessarre
Reggie Hayes (rhayes)
#15 ranked lender in New Jersey - 12 contributions
The answer to your question directly is 620 middle score. (middle of 3 bureau, lower of 2 bureau). The type of property will come in to play if you are looking at condo's as they require specific approvals from FHA.There are other considerations as well. I would be more than happy to discuss with you further. rhayes@slsmtg.com. Website www.rhayes.slsmtg.com.
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