Did you know that FHA guidelines do not even have a credit score requirement? That’s right, if you met all their other guidelines, your score does not matter, HOWEVER, most lenders will have what they call an "overlay" that adds that component and sets a minimum credit score requirement. All lenders are different so it does pay to check a few and see what their minimum score requirements are.
Knowing what your credit score is and what affects it in a first critical step to getting the best financing available and the lowest payment possible on your new home. The higher your score, the lower your interest rate. I posted an article a few years ago after a seminar our company hosted that had some great information about credit scores and I wanted to post the links to that 3 part series:
Myths and Misconceptions of Credit Scores Part 1
Myths and Misconceptions of Credit Scores Part 2
Myths and Misconceptions of Credit Scores Part 3
Once you have your credit scores high enough and you pre-approval letter in hand – you are good to go! Almost….You do still need to have some cash available for appraisal, inspections, down payment and earnest money deposits. If you have any questions about getting pre-approved, call me and I can help direct you to the right place – I am happy to help.