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The Federal Housing Administration (FHA) insures FHA loans, which allows mortgage lenders to accept a credit score as low as 580 with a 3.5 percent down payment, or 500 with a 10 percent down payment.
To determine the best mortgage lenders for low-credit score borrowers, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower ...
Type of Loan. Minimum Credit Score. Conventional. 620. Jumbo. 700. FHA. 580 (or 500 with 10 percent down) VA. 620 (VA doesn’t require a minimum credit score, but lenders do)
Loan Type. Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) USDA loans. The USDA has no minimum limit, but lenders generally like ...
Comparing rates and terms from different mortgage lenders — banks, credit unions and online lenders — is key to finding the best deal. While shopping around (preferably with at least three ...
To determine the best mortgage lenders for first-time homebuyers, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience ...
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