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Buying a Home with Less Than Perfect Credit
Buying a Home with Less Than Perfect Credit
 
 
As I’ve previously noted, getting a home loan these days can be extremely difficult unless you have a 20% down payment, a credit score in the mid 700’s and sufficient income so that your housing costs are no more than 28% of your gross income.  In fact, according to the Financial Institutions Examination Council, roughly 25% of all conventional home loan applications are rejected. 
 
These stringent qualification requirements are for loans backed by Fannie Mae and Freddie Mac, but luckily they aren’t the only game in town.  Today, more and more borrowers are taking advantage of the less demanding criteria for FHA loans.
The Federal Housing Administration has been in existence since 1934 and has become the largest government insurer of home loans in the world today.
 
Although every lender might have slightly different requirements, here are the basics needed to qualify for an FHA insured loan:
 
Technically, 580 is the minimum acceptable score, but in practice lending institutions require a minimum of a 620 mid score.  The mid score is the middle score when credit is pulled from all three major reporting agencies; Experian, Equifax, and ... more

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