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Key takeaways. FHA loans require a minimum 3.5 percent down payment for borrowers with a credit score of 580 or more. Borrowers with a credit score of 500 to 579 need to put 10 percent down.
FHA loans have a low minimum credit score and down payment requirement, which makes them especially popular with first-time homebuyers. You can get an FHA loan with a credit score as low as 580 if ...
For FHA borrowers who opt for a 30-year term and a 3.5 percent down payment, you’ll pay 0.55 percent of the loan amount, divided by 12 and added to your monthly payment.
For conventional loans, the minimum mortgage down payment is 3 percent. FHA loans require a down payment of 3.5 percent with a credit score of 580 or higher. For scores between 500 and 579, the ...
Besides loan limits, FHA loans have specific requirements for borrowers that set them apart from other loans. They are: They are: Minimum credit score: 580 with 3.5 percent down; 500 with 10 ...
Credit requirements: 620 for conventional loans, 500 for FHA loans. Down payment requirements: 3% for conventional loans, 3.5% for FHA loans. Pros and cons. Green circle with a checkmark inside.
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