Mortgage World Home Loans

FHA changed the minimum credit scores for new borrowers:

New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program.

New borrowers with less than a 580 credit score will be required to put down at least 10%. The minimum credit score for an FHA loan is 530.

This change went into effect in 2010. This allowed the FHA to better balance its risk and continue to provide financing for home ownership.

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