Credit Requirements for FHA Mortgage Qualification
If you are thinking about applying for a FHA mortgage Texas, then you should know the credit qualifications that come along with it. You might not have to give a huge down payment, but you should, however, meet the credit criteria that are set out. Here is what you need to know about credit ratings and approvals.
Credit Ratings
When it comes to getting a FHA mortgage Austin there are some details you need to know about the credit ratings and scores. Each of these would require a different amount of down payment after qualification, such as:
- 5% down payment for those with a credit score of 580 or more
- 10% down payment necessary for those who have a credit score under 580
Figure out which one is you and then ensure that you have the cash to pay the down payment. Just because you have a lower credit score doesn’t mean that you can’t qualify, but you might have to put more money down.
Make sure that you are aware of just how much you might have to put down in terms of a down payment on the home with this type of loan. Depending on your credit score the amount would be determined, so go ahead and figure out who has the higher one. The sooner you know this information, then the sooner you can be prepared to get to work.
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