Lenders who work with first-time home buyers are experienced at helping borrowers qualify for FHA loans and other mortgages with low down payment requirements. Loan officers are well-versed in VA loan.
In 2019, the minimum credit score needed for FHA loan eligibility is 500.. But lenders can set their own requirements on top of those established by HUD.
To qualify for a such a loan, you have to meet some minimum requirements. fha loans are available for borrowers with credit scores as low as.
In general, bad-credit borrowers won’t qualify for a conventional loan, and they will be limited to government-insured mortgages including FHA, VA, and USDA loans. So, if you’re looking for a mortgage with bad credit means finding a lender that offers the specific type of government-backed loan for which you’re most likely to qualify.