The Federal Housing Administration has insured FHA loans since 1934. The FHA guidelines have changed quite a bit during that time. The minimum FHA credit score requirement was 640 at one point. Now, the FHA is loans that are insuring house purchasers with credit ratings as little as 500.
Bad Credit FHA Loans
A bad credit FHA loan will assist you to be eligible for a home loan with low fico scores sufficient reason for no minimum income requirement.
What is Bad Credit?
From a financing viewpoint, the solution can vary based upon the mortgage system. For FHA loans, bad credit could be the point where some loan providers choose away from approving FHA loans.