Fha rate and refourance guidelines guidelines
To be eligible for an FHA loan, borrowers must meet the following lending guidelines: FICO score of 500 to 579 with 10 percent down or a FICO score of 580 or higher with 3.5 percent down Competitive interest rates from private lenders because FHA loans are backed by the Federal Housing Administration. Affordable down payments starting as low as 3.5% of the purchase price. Flexible credit score requirements which can go as low as 540 if you make a larger down payment. Fixed-rate mortgages available with terms between 15 and 30