FHA ZERO Down loan Low Credit Score

August 29, 2022

FHA generally requires a 3.5% down payment or a 96.5% LTV (Loan to Value) and up to 100% CLTV or (Combined Loan To Value). The 100% CLTV can be a DPA (Down Payment Assistance).

DPA Amount:

Up to 3.5% of the Sales Price or Appraised Value (lesser of).
Proceeds may be used for down payment and/or closing costs;
10-year community second – 2% above the note rate
No cash back to borrower
Follow FHA guidelines and DU findings
First Time Homebuyer OK

Minimum Requirements:

Minimum credit score of: 580
Not available in the state of Washington
Manual Underwriting NOT allowed
At least one borrower must receive housing counseling from a HUD approved non-profit housing counseling agency https://hudgov-answers.force.com/housingcounseling/s/

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