What does my credit score need to be to buy a house through FHA?

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  • July 30, 2023 at 9:16 am #9941
    Geoff Massanek
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    July 30, 2023 at 9:26 am #9974
    Team StellarFi
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    Federal Housing Administration (FHA)-insured loans are government-insured loans. This means that if you buy a home through an FHA loan and are unable to make the mortgage payments, the government can make the payment for the guaranteed portion. These loans are available for those with a lower credit score and often have lower down payment options. They’re popular among first-time home buyers and low- to middle-income groups, but are not limited to them.

    As of 2023, the minimum FICO® Score needed to qualify for an FHA loan is 580. The current initial down payment they need is 3.5%. However, if you have a credit score that’s lower than 580 (between 500-580), you may need to pay a larger down payment (10%).

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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