Credit Scores

Credit Scores You Need For FHA Loans

 

Why checking your Credit Report before Looking for a House is Important?

Checking your credit report should be one of the first things that you do before moving forward in buying your home.  Your credit report provides you with your credit history, your total outstanding debt and payments. 

 

Check your credit report and scores can improve you FHA Home Loan termsChecking your credit report early in the home buying process can help you detect old accounts that should be removed. Accounts that are already paid off that your creditor still shows as open. Even accounts that were attached to your simply because your name is similar to someone elses, or worse – someone used your social security number to request credit.

 

You will want to make sure your credit is accurate before moving forward. These inaccuracies and error can affect your credit score, your ability to get a loan and overall your monthly payment. 

 

You can get a credit report from one of our affiliate partners at

 

Our suggestion is that you cross compare reports to make sure the report all have the same information from the 3 major credit bureaus. Another options to get a Free Credit report is to submit your information to a loan officer ( on the right ), so they can run your credit alongside your application process. If your are not quite ready to speak to a loan officer, then running your credit report above is your best option.


What is a Credit Score?

Your credit score is basically a representation of the probability that a person will fall 90 days behind on their payments within a 2 year period. Each one of the three reporting bureaus has their own calculations , and come up with their own score.

 

The credit score then is a good predictor for lender to gauge their risk of people defaulting on their home loan. The lower  the score, the higher the risk that they are taking.  The higher the risk the bank has, the higher the interest rate will be on your home loan.

 

This is why it is so important to make sure you remove any inaccuracies or errors to boost your score up, and lower your interest rate and overall mortgage payment.

 

What Credit Score Do you Need to Buy a House?

The credit score you need to buy a house will differ from lender to lender. Most home buyers apply with a loan with their banks because they know and trust them. What most buyers don’t know is that their banks do not always offer the best terms or interest rates.

 

What credit score you need to get a home loanEvery lender has their own guidelines and risk tolerance. Some banks only work with people who have a 680 credit score or higher. While others may go down to a 580 Fico Score.  Banks usually only offer their own loan programs, and cannot offer the competitors. So one bank may not always be the best for your situation.

 

This is where a loan officer or mortgage broker comes in handy. They have access to all the big banks’ loan programs as well as to others that most people don’t know exist. They also have a specialized knowledge of what scores your will need to get the loan to buy your house.

 

There are a FHA Loans available. Your credit score for FHA Loans can actually be a little lower than traditional lender. The low down payment requirements is also a good reason not leave this loan option off the table.

 

What Credit Score is needed for FHA Loans?

Currently, your credit score must be at least a 580 to get and FHA Loan. This is only one of the requirements, however. There are other factors that need to be considered in order to qualify for an FHA loan.

 

Who is FHA?

FHA insures mortgages made by approved lenders to individuals and non-profit and government agencies that are approved to participate in HUD’s programs; HUD does not loan money to homebuyers.

 

To be Eligible for an FHA Loan

Generally, to be eligible for an FHA loan, you must have a valid social security number and have lawful residency in the United States and be of a legal age to sign on a mortgage in your state. Lenders will verify income, assets, liabilities, and credit history for all parties on the loan.

 

FHA loan Guidelines are always changing, so it is best to check the information right from the source: FHA Home Loan FAQs

 

We hope this information give you a better understanding of why it is important to check your credit score, and determing what score you need to buy a house or get and FHA loan.

 


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