Did you know FHA loans has been around since 1935? That is pretty amazing if you think about it, this type of loan has been around since right after the “Great Depression.” Also a added benefit of FHA is that it does not have credit score requirements. With the current lending market and tighten up on credit scores it makes perfect since to look at a FHA loan. Depending on where you are going to buy will determine the max loan amount you can get with FHA. Yes, FHA loans have loan limits. Here is a link where you can look up loan limits by state and city.Secondary Market Credit Score RequirementsWith all the foreclosures going on, banking has made changes as to what type of loans they will buy. FHA does not have a credit score requirement to insure a FHA loan, but the banks that buy the loans do. For example, most lenders underwrite their loans, and then sell them on what is called the secondary market. This is a market where banks buy and sell mortgage loans. The current credit score requirement with this market is a 580 credit score. So if you have this type […]

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