FHA Loan Manufactured Home 2016

FHA Loan Manufactured Home 2016

FHA announced a policy change to address risk and strengthen finances. FHA has changed the minimum credit score for new borrowers:

• New borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  
• FHA loan requires new borrowers with less than a 580 credit score will be required to put down at least 10%
• FHA minimum credit score is 500
  

In the old days, FHA did not have a minimum credit score requirement.

FHA requires a minimum down payment of 3.50% for borrowers with a minimum credit score of 580. FHA requires a minimum down-payment of 10.0% for borrowers with credit scores below 580.

FHA loans have been helping people become homeowners since 1934. The FHA insures the loan, so you can get a better deal.

* Low down-payments

* Low closing costs

* Easy credit qualifying

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

FHA Loan Manufactured Home 2016

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