Credit Scores and FHA Loans
Although the Federal Housing Administration (FHA) only requires a 580 FICO score to qualify for the 3.5% minimum down payment requirement, borrowers are hard pressed to find a direct lender or an approved FHA Lender to extend a mortgage loan with such a low FICO score.
Most commercial lenders and big banks use 640 as the criteria to qualify a home buyer. Logic is simple, the higher the credit rating, the less the likelihood of defaulting on their mortgage loan. AMCAP Mortgage will extend an FHA mortgage to borrowers with scores as low as 580 with compensating factors. We can extend an FHA-insured loan to borrowers with a mid-FICO score all the way down to 500, but they will be required to come up with at least 10% down payment.
As long as the borrower gets approval from either Fannie Mae or Freddie Mac’s automated underwriting system (AUS), and they meet all the criteria and requirements, they can get an FHA loan from AMCAP Mortgage.
Non-medical collections and charged-off accounts do not have to be paid either. While most lenders require these items to be paid, AMCAP Mortgage will not. For more information regarding credit score requirements, contact us at 281-860-2533 or use any of the tools on this website.
An FHA Loan Specialist Available to Help You
Our FHA Loan Specialists are always available to help you and answer any questions. You may contact a dedicated FHA Loan Specialist through our website or by calling us directly.
We make the FHA Loan Process Quick & Easy
It’s not a secret that lenders often times will steer their clients away from an FHA loan due to their inexperience with the process. We find FHA Loans to be a great source of funding for our clients. We share our knowledge and experience with FHA loans, making it easier to get compared to conventional financing.
FHA Approved Lenders
The Federal Housing Administration requires lenders offering FHA loans to go through an extensive approval process. Amcap Mortgage Ltd. is an FHA approved lender specializing in FHA Loans in Texas.