– What is a bad credit FHA home loan? Most FHA lenders require a credit score of at least 580. Some lenders go as low as only 620. There are lenders that offer fha home loans for individuals who have credit scores as low as 500. If you have bad credit and have.
2018 FHA Credit Requirements. Because FHA home loans are insured they are much less risky for lenders. They are able to lower their minimum requirements for a loan. No longer do you need to have a 620 credit score, people with poor credit can get approved. These "bad credit home loans" are known as a sub-prime mortgage.
· Benefits of FHA Financing. FHA loans are government (hud) insured mortgage loans. Borrowers pay for the mortgage insurance, but in return benefit from easier qualification guidelines including lower credit score requirements, higher debt ratios, and acceptance of alternative credit.
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