Consumer like the FHA mortgage loans because the credit requirements are much more lenient than conventional and even many sub-prime lending guidelines. At this time FHA only requires 3% down payment compared to 10% or 20% deposit that most conforming lenders require.
VA home loans allow for 100% home financing, but you need to be a veteran to qualify for this zero down home loan.
|
| |
|
County |
Loan Limit |
|
|
$362,790 |
|
|
$333,735 |
|
LITCHFIELD |
$285,000 |
|
MIDDLESEX |
$333,735 |
|
NEW HAVEN |
$293,075 |
|
NEW |
$303,050 |
|
TOLLAND |
$333,735 |
|
|
$200,160 |
Question. Can FHA Secure refinance allow me to qualify even if I have late payments on my mortgage?
Answer. Yes, if your late mortgage payments occurred after your home mortgage rate adjusted, the FHA Secure makes an exception that allows you to refinance into a fixed rate loan.
Question. Does FHA have a minimum credit score for loan qualifying?
Answer. No. FHA home lending guide lines do not set forth a minimum fico requirement for purchasing or refinancing a home.