what are the minimum requirements for a fha home loan?
Written By: admin on November 30, 2009
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I live in bristol,tennessee and i have found a home i want to buy,my credit rating is terrible.the home is for 60,000 and i have about 4000.00 to place down,whats the minimum credit rating for a fha loan and the other requirements?also,where do i find a fha home loan at?
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Tags: bristol tennessee, credit rating, fha home loan, fha home loans, FHA loanTags: bristol tennessee, credit rating, fha home loan, FHA loan
- 3.5% of down payment – You only need about 2100, with 4k in hand you covered it.
- 620+ credit rating – FHA also works with with low/terrible credit ratings, check your score using creditkarma.com.
- The property should be eligible under FHA – pretty much all of them are.
I would strongly recommend you going through the official website as the requirements vary depending on the state.
http://www.hud.gov/buying/loans.cfm
And here is a step-by-step procedure on how the process go. Wish you all the best.
http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home#loan